What is Web3? Silicon Valley’s favorite new buzzword explained

Some crypto enthusiasts want a new kind of internet that will move away from big technology and hand it over to the people. Can they succeed?

Remember AOL chat rooms and download songs through Napster? The Internet has come a long way.
Today, it is dominated by Meta, Google, and a handful of other tech giants whose services have made it easier for billions of people to connect and share content online.

But at what cost? “If something is free, you are the product,” so the saying goes – the only reason platforms like Facebook and YouTube offer their services for free is because they use our personal data to target us with ads.

“Right now, you have large organizations that control your data and provide you with services that use your data,” says Bertrand Perez, chief operating officer of the Web3 Foundation.

Web3 is a futuristic virtual version of the network based on blockchain technology. Crypto enthusiasts say their vision of the web will decentralize it, bringing it closer to its roots. But critics of the big names – from Jack Dorsey to Elon Musk – are not convinced.

Watch the video to learn more about Web3 – what it is and what its future might be.

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