by Rey Simmons 
Web3 is the name given to the idea of a new kind of internet service that is built using decentralized blockchains. Web3 can be understood as the “read/write/own” phase of the Internet, where users are able to take control of their data and content instead of using free tech platforms. Web3 is heralded as the next and better iteration of the internet, with the aim of cutting through the hype and understanding the practical applications of this technology. Put simply, Web3 is an extension of cryptocurrency, using blockchain in new ways to new ends. Web3 is decentralized, with ownership being distributed amongst its builders, rather than being controlled and owned by centralized entities. Web3 is a work-in-progress and isn’t yet fully defined, but its main principle is that it will be decentralized and connected to the concept of the “metaverse.” Web3’s decentralized nature is made possible by blockchain technology, which is built around the concepts of encryption and distributed computing. Web3 is also open, trustless, and permissionless, meaning that interactions and transactions can take place between two parties without the need for a trusted third party. Web3 is also expected to involve Artificial Intelligence and the metaverse, which is a more immersive, social, and persistent version of the internet.
