What is Web3?

Web3 is the next step in the evolution of the internet and, possibly, the organization of society. According to legend, Web 1.0 was the era of decentralized, open protocols, when the majority of internet activity consisted of visiting individual static webpages. Web 2.0 is the period of centralization, in which a large portion of communication and commerce occurs on closed platforms controlled by a few super-powerful corporations—think Google, Facebook, and Amazon—and subject to the nominal supervision of centralized government authorities. Web3 is meant to liberate the world from monopolistic domination.