Web3 pertains to the utilization of blockchain technology and decentralized applications (dApps) in the realm of cryptocurrency. This aims to establish a new kind of internet that is more accessible, transparent, and secure.

In the world of cryptocurrency, Web3 serves as the framework that permits decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and other blockchain-based ventures to operate. It is built on a network of computers that function as peers and verify transactions and execute smart contracts by communicating with one another.

With Web3, users can oversee their digital assets and data, which eliminates the need for intermediaries like banks, social media networks, and other third-party services. This grants users greater control over their digital identities and assets, enabling them to interact with other users and applications in a more transparent and secure manner.

In general, Web3 represents a significant transformation in the way we connect with the internet and has the potential to revolutionize various industries, including finance, social media, and many more.