What is web3 and how will it work?
The term Web3 was coined by Gavin Wood, one of the co-founders of the Ethereum blockchain, as Web 3.0 in 2014. Since then, it has become a catch-all term for anything related to the next generation of Internet. Web3 is the name some technologists have given to the idea of a new kind of internet service built using decentralized blockchains. Packy McCormick defines web3 as “the internet owned by builders and users, orchestrated with tokens”.