Web3 in the context of cryptocurrencies refers to the vision of a decentralized internet where users have more control over their data, identity, and interactions online. It represents a shift towards a more user-centric, privacy-focused, and censorship-resistant web enabled by blockchain technology and decentralized applications (dApps).

Web3 aims to address the shortcomings of the current centralized web infrastructure, where tech giants control user data and monetize it without user consent. By leveraging blockchain technology, Web3 enables peer-to-peer interactions, secure transactions, and self-sovereign identity management without the need for intermediaries.

Decentralized finance (DeFi) platforms are a prominent example of Web3 applications, offering financial services such as lending, borrowing, and trading without traditional financial institutions. Other use cases of Web3 include decentralized social networks, content sharing platforms, and governance systems.

Overall, Web3 represents a paradigm shift towards a more open, transparent, and inclusive internet where users have greater autonomy and ownership of their digital assets and interactions. As the Web3 ecosystem continues to evolve, it has the potential to revolutionize how we interact online and reshape the digital economy.