Updated: 11/18/2022 by Computer Hope
Web3 describes a movement of making the web (Internet) a more decentralized version of what it is with technologies like blockchain. The “Web3” term was coined in 2014 by Gavin Wood and gained popularity in 2021 as people saw problems with Big Tech companies owning personal data they collect and mistrusting how it’s handled.
Web3 plans to solve this problem by giving users more control of their data by placing virtual items, like avatars, into NFTs. Other personal information would be stored in tokens managed by a blockchain that’s controlled by DAOs (decentralized autonomous organizations).
Skeptics of Web3 point out that the Internet was founded as a decentralized platform and doesn’t need a technology like blockchain. Many also note how much power would be required to maintain the data in multiple blockchains controlled by different organizations.
Because of the wide array of definitions for this term, like Web 2.0, Web3 is often dismissed as a buzzword.