https://pic8.co/sh/sC8tai.jpeg Web 3 (also known as Web 3.0[1][2][3] and sometimes stylized as web3)[4] is an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralization and token-based economics.[5] Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group of companies sometimes referred to as "Big Tech".[6] The term "Web3" was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.[6][7] Gavin Wood also presides the Web3 Foundation to encourage technologies and applications in the disciplines of decentralized web software protocols.[8] Some experts argue that Web3 will provide increased data security, scalability, and privacy for users and combat the influence of large technology companies.[9] Others have raised concerns about a decentralized web, citing the potential for low moderation and the proliferation of harmful content,[10] the centralization of wealth to a small group of investors and individuals,[11] or a loss of privacy due to more expansive data collection.[12] Others, such as Elon Musk and Jack Dorsey, have argued that Web3 only serves as a buzzword.[13][5][14] Alternatively, in scholarly literature, the use of the term was presented as a means to refer to a more equitative version of the internet by its advocates.[15] Three fundamental architectural enablers of Web3 were identified as a combination of 1) decentralized or federated platforms, 2) enabling secured interoperability, 3) and verifiable computing through distributed ledger technologies.[16]