Web 3 could very well be the biggest technological shift that will ever occur in our lifetime.  Before getting into web3, it’s good to learn about the earlier web versions, with first generation of the web 1.0, which is mostly static or read-only websites with simple text and images.

obviously, we've been in Web 2.0, which have features that now allow users to create, collaborate, edit, categorize, exchange comments through a virtual community. Subsequently, since the masses rely on platforms monopolized by large technology companies to create and share our content, which in turn provide services in exchange for your personal data so there might be limited or no privacy protection.

web 3 is essentially the decentralized web which can be described as “Less trust, more truth” where the power can be placed back in the hands of individuals rather than corporations. So blockchains like Bitcoin and Ethereum are going to be the best examples of this so being able to use these decentralized platforms without needing to trust anyone/ corporations. Banks are replaced with wallets that are only accessible by private keys that you know you would own and payment transfer services are replaced with cryptocurrencies on blockchains.

The most recent innovation within this field was decentralized finance (DEFI) where essentially mainly on platforms like Ethereum or where you could really use smart contracts which are simply self-verifying contracts can be executed automatically an in deterministic way the smart contract code is usually stored and executed on the blockchain, simplifying business and trade between both anonymous yet identified parties, sometimes without the need for a middleman.

It will be revolutionary for tech people/developers too. When a web2 application is built, the back-end code is deployed onto a centralized server like AWS/ Google Cloud.  However, for a decentralized/ web3 app on the blockchain, the backend code is contained in a smart contract which lives on the blockchain that can govern the behaviour between multiple accounts.

A web3 app also needs to have a front end which can be built just like a normal website except for the fact that user authentication works in a completely different way.

Unlike web 2.0, the end user owns all of their data there's no need for the applications to collect a username and password.  The end user has a public wallet address that can receive payments and a private key that can sign transactions to send payments to someone.

for the most part most people will not realize the importance of web3 until it is too late so Kudos to you but for being one of the few.