# what's it Web3

By [fcnfury](https://paragraph.com/@fcnfury) · 2024-01-15

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Web3 - The New Internet Era that is Changing the World

Web3 is a new concept that manifests itself in various technical developments and blockchain-based protocols to change the way we interact with the Internet. It represents an extension of the Web2 concept, which includes everything we see on the Internet today, such as social networking, online shopping, financial services and more.

Web3 is a concept where the focus is on decentralization, privacy, and user power over their data. Unlike Web2, where data is controlled by large companies and centralized servers, Web3 gives users the tools to take control of their data and participate in various projects and networks using blockchain protocols.

One of the most famous examples of Web3 is the cryptocurrency Bitcoin. Bitcoin offers the ability to transfer money directly, without intermediaries, and without providing sensitive information. This decentralization and security that Bitcoin offers has become one of the key features of Web3.

Ethereum is the other cryptocurrency that underpins Web3. Ethereum provides the ability to create smart contracts and decentralized applications that do not require intermediaries to operate. This opens up possibilities for a range of applications, from financial to arts and entertainment.

However, Web3 includes not only cryptocurrencies and blockchain, but also a number of other technical developments such as IPFS (InterPlanetary File System) and decentralized identity (DID). IPFS provides the ability to distribute and store files in a decentralized network that does not depend on centralized servers. DID allows users to have unique identifiers that are not controlled by companies and governments.

Web3 has the potential to change many industries. In financial services, Web3 can provide access to financial tools and services to billions of people who do not have access to banking or credit. In arts and entertainment, Web3 can change the model for distributing content and rewarding creators. In the Internet of Things, Web3 can provide security and privacy for devices and data.

In conclusion, Web3 is a new phase of the Internet that aims at decentralization, privacy, and user power over data. It incorporates blockchain protocols, distributed file storage and credentialing to provide users with new capabilities and improve their internet experience. With Web3, we can create a more secure, transparent and peer-to-peer world.

![](https://storage.googleapis.com/papyrus_images/f18fd1f834bc234b91096646cf5b3f58763b97fde11760897a16c109a4b831cf.png)

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*Originally published on [fcnfury](https://paragraph.com/@fcnfury/what-s-it-web3)*