Web 3.0 (also known as Web3) is the next generation of Internet technology that heavily relies on machine learning, artificial intelligence (AI), and blockchain technology. The term was created by Gavin Wood, Polkadot's founder and the co-founder of Ethereum.

Data ownership, online economies, and decentralization are essential aspects of Web 3 because of the power for anyone to tokenize assets, put information on-chain, and create a digital identity and directly profit. 

Web 3 is about rearchitecting internet services and products so that they benefit people rather than entities.