Web3 refers to the vision of a decentralized and interconnected internet where users have more control over their data and interactions online. It is often associated with blockchain technology, cryptocurrencies, and decentralized applications (dApps).

Web3 is seen as the next evolution of the internet, moving away from the centralized control of tech giants and towards a more democratic and user-centric model. By leveraging blockchain technology, web3 aims to create a more secure, transparent, and censorship-resistant internet where users have ownership of their data and digital assets.

One of the key features of web3 is the use of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. These smart contracts run on blockchain networks, such as Ethereum, and enable peer-to-peer transactions without the need for intermediaries.

Another important aspect of web3 is the rise of decentralized applications (dApps), which are applications that run on a blockchain network and are not controlled by a single entity. These dApps offer various services, such as decentralized finance (DeFi), social networking, gaming, and more, giving users more control over their online activities.

Web3 also encompasses the concept of decentralized identity, where users have control over their digital identities and can selectively share personal information with third parties. This helps to enhance privacy and security online, as users can choose what information they want to disclose and to whom.

Overall, web3 represents a shift towards a more decentralized, transparent, and user-centric internet. By leveraging blockchain technology and decentralized applications, web3 aims to empower users, protect their privacy, and create a more inclusive and open digital ecosystem.