# WEB3

By [WEB3](https://paragraph.com/@owenxie) · 2022-08-14

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**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. Others have raised concerns about a [decentralized web](https://en.wikipedia.org/wiki/Decentralized_web), citing the potential for low moderation and the proliferation of [harmful content](https://en.wikipedia.org/wiki/Web_content#Harmful_content), 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.

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*Originally published on [WEB3](https://paragraph.com/@owenxie/web3)*