Web3

"The web3 revolution, backers say, promises the democratization of commerce and information by building a better internet on blockchain networks — distributed ledger systems that form the basis of Bitcoin and other cryptocurrencies. It theoretically would cut out traditional middlemen and gatekeepers, letting users transact directly and have a greater stake in the programs they use.

Essentially, web3 refers to an internet operating on so-called tokenomics. Tokens are digital units of cryptocurrency, and in web3, developers and users have mutual financial interests and everyone can earn crypto. Users benefit directly from their contributions — creativity, play, engagement or deposits, say. They can also help govern futuristic community-run companies, where they can vote on decisions with tokens created by the particular project.

Believers say these innovations will change how companies are formed and run. A report on 2022 trends by the crypto research firm Messari called web3 an “unstoppable force” that will take society “from an internet built on ‘rented land’ with monopoly overlords to an infinite frontier of new possibilities.” Messari’s founder, Ryan Selkis, contends that “crypto presents a credible revolution to all monopolies.”"