The term web3 is generating a lot of buzz and excitement in the world of business technology. It is a internet built on distributed technologies like blockchain and decentralized autonomous organizations (DAOs). Instead of centralized on individual or corporate servers, the idea is that this will increase internet democratization. No single party can shut down a network or control the flow of information just because they own the hardware it runs on.
Theoretically, users will own the servers, systems, and networks via blockchain technology. They will decide which applications to run, where to store data, and vote on the rules and laws governing their use. Web3 is anticipated to be the internet’s third significant evolution. After the global web (web1) and the user-generated web (web2, or social media) web3 is a step in the right direction. Web3 focuses on eliminating businesses that serve as middlemen and transforming and storing data as a open-source instead of a few big companies controlling it.