Web3, also known as Web 3.0,is an idea for a new iteration of the Internet that incorporates decentralization based on blockchains.It is often contrasted with Web 2.0, wherein data and content are centralized in a small group of companies sometimes referred to as "Big Tech".The term 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.