# web3 By [Ntgreat](https://paragraph.com/@eclipselab) ยท 2022-12-02 --- **Web3** (also known as **Web 3.0**) is an idea for a new iteration of the [World Wide Web](https://en.wikipedia.org/wiki/World_Wide_Web) which incorporates concepts such as [decentralization](https://en.wikipedia.org/wiki/Decentralization), [blockchain technologies](https://en.wikipedia.org/wiki/Blockchain), and token-based economics. Some technologists and journalists have contrasted it with [Web 2.0](https://en.wikipedia.org/wiki/Web_2.0), wherein they say data and content are centralized in a small group of companies sometimes referred to as "[Big Tech](https://en.wikipedia.org/wiki/Big_Tech)".The term "Web3" was coined in 2014 by [Ethereum](https://en.wikipedia.org/wiki/Ethereum) co-founder [Gavin Wood](https://en.wikipedia.org/wiki/Gavin_Wood), and the idea gained interest in 2021 from [cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency) enthusiasts, large technology companies, and [venture capital](https://en.wikipedia.org/wiki/Venture_capital) firms. --- *Originally published on [Ntgreat](https://paragraph.com/@eclipselab/web3)*