Web3 or Web 3.0 is a revolutionary idea to transform the World Wide Web through decentralization and the power of blockchain technology. It is a new outlook for the internet, democratizing control over data and empowering end users.
The Web3-powered internet takes back control from centralized Big Tech companies and other established players with the help of decentralized technology. Web 3.0 is powered by blockchain technology, cryptocurrencies, and NFTs to make engaging with online services more secure and private and incentivizing for end users.
The current iteration of the internet Web2 or Web 2.0 focuses on online social media and content sharing. However, the control over this data rests with the service provider, and the consumers have no say on how this data is used or managed by the Web2 services.
The term Web 3.0 was the creation by Ethereum's co-founder Gavin Wood. He envisioned Web3 to be powered by blockchain to offer online services in a decentralized, trustless, permissionless, and censorship-resistant format.