Web3

Key takeaways

Web3 belongs to science; place it in that map before memorising details.
Learn the definition first, then one example that makes the definition concrete.
Connect Web3 to a quantity you can measure, compute or draw — that is where exam questions come from.
Reproduce the core statement of Web3 from memory before moving on to harder problems.

Reference excerpt

Web3 is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, tokenomics, and privacy-enhancing technologies. The term is sometimes confused with the Semantic Web, as both have sometimes been referred to as "Web 3.0". Some technologists and journalists have contrasted it with Web 2.0, in which they say user-generated content is controlled by a small group of companies referred to as Big Tech. The term "web 3.0" as applied to blockchain technology was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms. Academic surveys describe Web3 as combining smart contract platforms, peer-to-peer networks, and cryptographic mechanisms, while noting trade-offs involving scalability, interoperability, and governance. Critics have expressed concerns over the centralization of wealth to a small group of investors and individuals, or a loss of privacy due to more expansive data collection. Billionaires like Elon Musk and Jack Dorsey have argued that web3 only serves as a buzzword or marketing term.

Background

Web 1.0 and Web 2.0 refer to eras in the history of the World Wide Web as it evolved through various technologies and formats. Web 1.0 refers roughly to the period from 1991 to 2004, where most sites consisted of static pages, and the vast majority of users were consumers, not producers of content. Web 2.0 is based around the idea of "the web as platform" and centers on user-created content uploaded to forums, social media and networking services, blogs, and wikis, among other services. Web 2.0 is generally considered to have begun around 2004 and continues to the current day.

Terminology and concept Web3 is distinct from Tim Berners-Lee's 1999 concept of a Semantic Web, which was also sometimes referred to as Web 3.0. While the Semantic Web envisioned a web of linked data, web3 in the blockchain context refers to a decentralized internet built upon distributed ledger technologies. Ethereum co-founder Gavin Wood first popularized the use of the term Web 3.0 in a blockchain context in 2014. Wood used the term to refer to a "decentralized online ecosystem based on blockchain." "Web3" and "Web 3.0" have been used interchangeably by later writers, leading to confusion between the two concepts. In popular and industry usage, "Web 3.0" is sometimes used interchangeably with "web3" to refer to blockchain-based proposals rather than the Semantic Web. The definition of the term has been described by Bloomberg journalist Olga Kharif as "hazy", but it revolves around the idea of decentralization and often incorporate blockchain technologies, such as various cryptocurrencies and non-fungible tokens (NFTs). Kharif 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". Web3 has been proposed as a possible response to the over-centralization of the web in a few Big Tech companies. Web3 could potentially improve data security, scalability, and privacy. According Kharif in December 2021, skeptics say the idea "is a long way from proving its use beyond niche applications, many of them tools aimed at crypto traders". DuPont et al (2024) describe web3 as an umbrella term for NFTs, cryptocurrency, and blockchain which appeals to users who are "not necessarily plugged into the cypher-punk or crypto-anarchist ideals of Bitcoin". Rohn (2025) describes the term as synonymous with "blockchain economy". In 2019, The Conversation quoted legal scholars discussing concerns over the difficulty of regulating a decentralized web, which they reported might make it more difficult to prevent cybercrime, online harassment, hate speech, and the dissemination of child sexual abuse material. The concept of Web3 has also been described as a part of a cryptocurrency bubble, and as an extension of harmful and short-lived blockchain-based trends such as NFTs. The use of cryptocurrencies, NFTs, and blockchains in general also introduce potential harmful environmental effects. Others have expressed beliefs that web3 and the associated technologies are a pyramid scheme. A policy brief published by the Bennett Institute for Public Policy at the University of Cambridge in March 2022 defined web3 as "the putative next generation of the web's technical, legal, and payments infrastructure—including blockchain, smart contracts and cryptocurrencies." Web3 proposals often include decentralized autonomous organizations (DAOs) and decentralized finance (DeFi).

Decentralization Ethics professor Kevin Werbach said in 2021 that "many so-called 'Web 3.0' solutions are not as decentralized as they seem, while others have yet to show they are scalable, secure and accessible enough for the mass market", adding that this "may change, but it's not a given that all these limitations will be overcome". In early 2022, Moxie Marlinspike, creator of Signal, wrote about web3 as not being as decentralized as it appears to be, mainly due to consolidation in the cryptocurrency field, including in blockchain application programming interfaces which are currently mainly controlled by the companies Alchemy and Infura; cryptocurrency exchanges which are mainly dominated by Binance, Coinbase, MetaMask, and OpenSea; and the stablecoin market which is currently dominated by Tether. Marlinspike also remarked that the new web resembles the old web.

… excerpt ends here. Continue reading the full article.

Worked examples

Example 1 — a first encounter with Web3

Start with the simplest possible case. Write down what Web3 claims or describes in one sentence, then invent the smallest concrete situation in which that sentence is true. In science, the smallest case is usually a single object, a single equation or a single measurement. Check that every symbol or term in your sentence has a meaning in that case.

Example 2 — changing one variable

Take the situation from Example 1 and change exactly one quantity: double it, halve it, or set it to zero. Predict what should happen to Web3 before you calculate. Comparing your prediction with the result is the fastest way to find out whether you understand the idea or only the words.

Example 3 — an exam-style question

Typical questions about Web3 ask you to (a) state it precisely, (b) apply it to given data, and (c) explain a limitation. Practise writing all three answers in under five minutes; the third part is what separates a full-mark answer from an average one.

Applications of Web3

In research: Web3 appears in science research whenever the underlying quantities have to be modelled precisely. Papers usually cite it as a starting assumption and then explore where it breaks down.
In technology and industry: Engineering practice reuses Web3 in design rules, simulations and safety margins. Knowing the idea lets you read a specification sheet and understand why the numbers look the way they do.
In the classroom: Web3 is common in secondary-school and first-year university syllabi. It links to neighbouring topics 2014 neologisms, 2020s in Internet culture, Blockchains, so understanding it makes those chapters shorter.
In everyday life: Look for Web3 outside the textbook — in sport, cooking, traffic, electronics or the sky above you. An example you found yourself is remembered far longer than one you were given.

How to study Web3 in 20 minutes

Read the reference excerpt below once, without taking notes.
Close the page and write down what Web3 means in your own words.
Compare your version with the excerpt and mark what you missed.
Work through the three examples above with pen and paper.
Explain Web3 out loud to somebody else — or to Teacher Smith in the lgStudy chat.

Frequently asked questions

What is Web3 in simple terms?

Web3 is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, tokenomics, and privacy-enhancing technologies. The term is sometimes confused with the Semantic Web, as both have sometimes been referred to as "Web 3.0".

Why does Web3 matter?

Because it connects several science ideas at once: it gives you a definition you can apply, a quantity you can calculate, and a way to check whether a result is plausible.

How should I study Web3?

Read the excerpt, restate it from memory, then work through the examples and applications listed on this page. The five-step study plan above takes about twenty minutes.

What does this page cover?

It gives you a compact reference excerpt plus original lgStudy explanations, examples, applications and study material on Web3.