# Web 3.0 By [Nideh](https://paragraph.com/@oleksii.degen) · 2023-05-09 --- _This article is about the concept of a World Wide Web based on public blockchains. For the concept based around machine-readability, also called Web 3.0, see_ [_Semantic Web_](https://en.wikipedia.org/wiki/Semantic_Web)_._ **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. Some commentators argue that Web3 will provide increased [data security](https://en.wikipedia.org/wiki/Data_security), [scalability](https://en.wikipedia.org/wiki/Scalability), and [privacy](https://en.wikipedia.org/wiki/Internet_privacy) for users and combat the influence of large technology companies.They also raise concerns about the [decentralized web](https://en.wikipedia.org/wiki/Decentralized_web) component of Web3, citing the potential for low moderation and the proliferation of [harmful content](https://en.wikipedia.org/wiki/Web_content#Harmful_content). Some have expressed concerns over the [centralization of wealth](https://en.wikipedia.org/wiki/Distribution_of_wealth) to a small group of investors and individuals, or a loss of privacy due to more expansive data collection.Others, such as [Elon Musk](https://en.wikipedia.org/wiki/Elon_Musk) and [Jack Dorsey](https://en.wikipedia.org/wiki/Jack_Dorsey), have argued that Web3 only serves as a [buzzword](https://en.wikipedia.org/wiki/Buzzword) or marketing term. Specific visions for Web3 differ, and the term has been described by _Bloomberg_ as "hazy", but they revolve around the idea of decentralization and often incorporate [blockchain](https://en.wikipedia.org/wiki/Blockchain) technologies, such as various [cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrency) and [non-fungible tokens](https://en.wikipedia.org/wiki/Non-fungible_token) (NFTs).[\[5\]](https://en.wikipedia.org/wiki/Web3#cite_note-:0-5) _Bloomberg_ has described Web3 as an idea that "would build financial assets, in the form of tokens, into the inner workings of almost anything you do online".[\[22\]](https://en.wikipedia.org/wiki/Web3#cite_note-Bloomberg_2021-22) A policy brief published by the [Bennett Institute for Public Policy](https://en.wikipedia.org/wiki/Bennett_Institute_for_Public_Policy) at the [University of Cambridge](https://en.wikipedia.org/wiki/University_of_Cambridge) defined Web3 as "the putative next generation of the web’s technical, legal, and payments infrastructure—including blockchain, smart contracts and cryptocurrencies." According to Liu, Zhuotao, et al (2021), three fundamental architectural enablers of Web3 were identified as a combination of decentralized or federated platforms, secured [interoperability](https://en.wikipedia.org/wiki/Interoperability), and verifiable computing through distributed ledger technologies. Some visions are based around the concept of [decentralized autonomous organizations](https://en.wikipedia.org/wiki/Decentralized_autonomous_organization) (DAOs). [Decentralized finance](https://en.wikipedia.org/wiki/Decentralized_finance) (DeFi) is another key concept; in it, users exchange currency without bank or government involvement.[Self-sovereign identity](https://en.wikipedia.org/wiki/Self-sovereign_identity) allows users to identify themselves without relying on an authentication system such as [OAuth](https://en.wikipedia.org/wiki/OAuth), in which a trusted party has to be reached in order to assess identity. Technology scholars have argued that Web3 would likely run in tandem with [Web 2.0](https://en.wikipedia.org/wiki/Web_2.0) sites, with Web 2.0 sites likely adopting Web3 technologies in order to keep their services relevant. --- *Originally published on [Nideh](https://paragraph.com/@oleksii.degen/web-3-0)*