# Introduction to web3

By [Pavan Sogalad](https://paragraph.com/@pavan-sogalad) · 2022-04-28

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web3 is an idea for a new iteration on the world wide web based on blockchain technology ,which incorporates concepts such as [decentralization](https://en.wikipedia.org/wiki/Decentralization) and token-based economics.

The term "Web3" was coined in 2014 by 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.

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*Originally published on [Pavan Sogalad](https://paragraph.com/@pavan-sogalad/introduction-to-web3)*