Web3 represents a shift from the traditional, centralized web (Web2) to a decentralized model that allows users to interact directly with applications (dApps) and services without relying on centralized intermediaries. It is built on blockchain technology, enabling features like smart contracts, decentralized finance (DeFi), and non-fungible tokens (NFTs), thereby creating an ecosystem where users can own their digital assets and data. This new paradigm aims to foster a more open and inclusive internet, where value is distributed more equitably among participants.