Concept of a World Wide Web based on public blockchains / From Wikipedia, the free encyclopedia

Web3 (also known as Web 3.0[1][2][3]) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.[4] 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".[5] 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.[5][6] The concepts of Web3 were first represented in 2013.[7][8]

Critics have expressed concerns over the centralization of wealth to a small group of investors and individuals,[9] or a loss of privacy due to more expansive data collection.[10] Billionaires like Elon Musk and Jack Dorsey have argued that Web3 only serves as a buzzword or marketing term.[11][12][13]

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