# Web3

By [Waseem khan](https://paragraph.com/@waseem-khan) · 2022-08-26

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**Web3** (also known as **Web 3.0**[\[1\]](https://en.wikipedia.org/wiki/Web3#cite_note-:8-1)[\[2\]](https://en.wikipedia.org/wiki/Web3#cite_note-crunch-2)[\[3\]](https://en.wikipedia.org/wiki/Web3#cite_note-:2-3)) 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.[\[4\]](https://en.wikipedia.org/wiki/Web3#cite_note-4) 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)".[\[5\]](https://en.wikipedia.org/wiki/Web3#cite_note-:0-5) 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.[\[5\]](https://en.wikipedia.org/wiki/Web3#cite_note-:0-5)[\[6\]](https://en.wikipedia.org/wiki/Web3#cite_note-:7-6)

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*Originally published on [Waseem khan](https://paragraph.com/@waseem-khan/web3)*