Web3 is a shorthand for the project that aims to change the internet by using blockchain to disrupt how information is stored, shared and owned. In theory it could break the monopolies of a select few companies who control information. Some argue that it will create new products, economies and democratize the web, creating a web that you can read, write and own.
Cryptocurrencies and non-fungible tokens are some examples of blockchain technology being used on the web that could become very important in a Web3 internet. In a Web3 internet, users won’t need separate logins for every site but instead will probably have a centralized identity, they will also be able to earn or buy tokens that could allow them to vote on decisions on a site or unlock some functionality.
“Web3 is the internet owned by the builders and users, orchestrated with tokens,” said Chris Dixon, a partner at the venture capital firm a16z.
Whether customers will be able to adapt to this more decentralized version of the internet or even like it remains to be seen.
