Crypto glossary
Web3
Web3 is the idea of an internet built on blockchains, where users own their assets and data through crypto wallets instead of relying on big platforms.
The term, coined by Ethereum co-founder Gavin Wood in 2014, contrasts with Web1 (static pages) and Web2 (platforms where companies control accounts, data and payments). In Web3, identity is a wallet address, value moves as tokens, and applications run on smart contracts that anyone can inspect.
In practice, Web3 covers decentralized finance, NFTs, DAOs, blockchain games, decentralized storage and social networks. Users log in by signing a message with a wallet rather than with an email and password.
Critics point out that many Web3 projects still depend on centralized infrastructure such as cloud hosting, RPC providers and exchanges, and that the label has been used to market speculative tokens. Usability, scams and regulation remain the main obstacles to mainstream adoption.
Example
Instead of creating an account on a marketplace, a Web3 user connects a wallet to an NFT platform, buys an item with ETH and keeps it in that wallet, even if the platform later shuts down.
Related terms
Latest articles on Web3
- What is Web3, and What Changes Does it Bring?
- Aztec Network Review: The Smart Privacy Solution for Web3
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- Zama Protocol Review: The Ultimate Privacy Solution For Secure Web3 Development
- Nike Joins Solana Ecosystem Through Sunrise Initiative in Major Web3 Expansion
