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What is Web3. Why are so many people asking about it?

Updated: Aug 5, 2022

I’m hearing this term — “web3” — all over the place. What is it?

Web3 is the name some technologists have given to the idea of a new kind of internet service that is built using decentralized blockchains — the shared ledger systems used by cryptocurrencies like Bitcoin and Ethereum.

The term has been around for years, but it has come into vogue in the past year or so. Packy McCormick, an investor who helped popularize web3, has defined it as “the internet owned by th ..

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