Web3
Technology & Computing abbreviation · Cryptocurrency & Blockchain
| Stands for | Web 3.0 (decentralized web) |
|---|---|
| Categories | Technology & Computing |
Web3 stands for Web 3.0 (decentralized web), a cryptocurrency & blockchain abbreviation.
A vision of an internet built on blockchains, cryptocurrencies and tokens, in which users own their data and digital assets and interact through wallets instead of platform accounts. The term covers DeFi, NFTs, DAOs and related technologies.
Example: The startup pitched itself as a Web3 music platform that pays artists in tokens.
Usage notes
Ethereum co-founder Gavin Wood coined "Web3" in 2014. Hype peaked in 2021 and 2022, attracting heavy venture investment and criticism from figures such as Jack Dorsey, who argued it was effectively owned by venture capitalists. It is distinct from Tim Berners-Lee's Semantic Web, which was also called Web 3.0. Also written Web 3 or web3.