” Do you Know The next phase of the internet is coming: Here’s what you need to know about Web3 ” 2012

The rapid growth of cryptocurrencies and virtual non-fungible tokens have dominated news headlines in recent years. But not many may see how these modish applications connect together in a wider idea being touted by some as the next iteration of the internet—Web3.

There are many misconceptions surrounding this buzzy (and, frankly, fuzzy) term, including the conflation of Web3 with Web 3.0. Here’s what you need to know about these terms.

Since Web3 is still a developing movement, there’s no universal agreement among experts about its definition. Simply put, Web3 is envisioned to be a “decentralized web ecosystem,” empowering users to bypass internet gatekeepers and retain ownership of their data.

This would be done through blockchain; rather than relying on single servers and centralized databases, Web3 would run off of public ledgers where data is stored on computer networks that are chained together.

A decentralized Web3 would fundamentally change how the internet operates—financial institutions and tech companies would no longer need to be intermediaries of our online experiences.