The term 'Web3' was coined by Gavin Wood in 2014, but gained traction starting in 2021 with the cryptocurrency and decentralized finance (DeFi) revolution. Also known as Web3, it represents the third generation of the internet powered by blockchain technology.
Web3 is characterized by its decentralized nature, which allows greater ownership and control for users over their own online information. It is seen as an internet where users not only participate but also own what they use, with decision-making power," emphasizes Kenneth Corrêa, an MBA professor at FGV specializing in new technologies, artificial intelligence, and the metaverse.
Kenneth explains that "the three are key concepts shaping the future of the internet and are strongly interconnected. They all point towards a more personalized and interactive internet (Web3), where users can engage in immersive virtual spaces (Metaverse) with verifiable ownership of unique items and experiences (NFTs)."
Key characteristics of Web 3.0 include
Decentralization: Web 3.0 is powered by blockchain technology, enabling a truly decentralized internet where no single entity has complete control over the network.
User ownership: In Web 3.0, users own their own data and have full control over how it is used.
Digital currencies: Part of the aforementioned decentralization is the existence of cryptocurrencies not controlled by any central organization or bank.
