Web3 — the third generation of the internet — refers to a decentralized and distributed version of the web that uses blockchain technology, and other decentralized technologies, to enable greater user control, privacy and data ownership. It aims to redefine how we interact with digital services, moving from traditional centralized models to decentralized peer-to-peer networks.
At its core, Web3 is built on blockchain technology, which is a distributed ledger that maintains a cryptographically-secured, continuously growing list of records called blocks. This decentralized nature enables direct peer-to-peer interactions.