A concept of a new iteration on the World Wide Web which incorporates concepts such a decentralization, tokenomics, use of blockchain and dApps. The argument for Web3 is that it will provide increased data security, privacy and scalability taking power and control from big tech and distributing it to users and consumers. Arguments against Web3 are that it will take away moderation and increase lawlessness, will facilitate the proliferation of harmful and illegal content and will just create a new centralization of wealth that will lie with whales.
The term was coined by Ethereum co-founder Gavin Wood in 2014.
Some refer to Web3 as Web 3.0 but this is a misnomer, Web 3.0 has a different meaning and was coined by Sir. Tim Berners-Lee for a web of data that can be processed by machines, the semantic web. See semantic web.