What is Web3?
Answer
Web3 (also written as Web 3.0) is a vision for a decentralized internet built on blockchain technology, where users own their data, digital assets, and identity — in contrast to Web2's model where corporations (Google, Facebook, Amazon) control centralized platforms. The Web evolution: Web1 (read-only, static HTML pages, 1990s); Web2 (read-write, social media, user-generated content but centralized platforms, 2000s–present); Web3 (read-write-own, decentralized, permissionless, trustless, 2020s). Key Web3 technologies: blockchain (decentralized data layer), smart contracts (decentralized logic), cryptocurrencies and tokens (decentralized value transfer), NFTs (verifiable digital ownership), DAOs (decentralized governance), IPFS/Arweave (decentralized storage), DeFi (decentralized finance). Web3 promises to return power to users but faces challenges: scalability, UX complexity, regulatory uncertainty, and environmental concerns.