What Is Web 3

The best description of Web 1&2&3 I have come across:

Web1：所见即所得 What you saw is what you get

Web2: 所荐即所得 What you were recommended is what you get

Web3：所建即所得 What you built is what you get

Source: web3.0 指的是什么？未来将有怎样的发展？ - 滚吧雪球君的回答 - 知乎 https://www.zhihu.com/question/341559382/answer/2272136420

Core Architecture

An ecosystem of decentralized apps running on blockchain with transactions made in cryptocurrncies.

Web 3 Benefits

• Democracy: decentralization shifts the power balance away from big corporations toward inviduals
• Equality: everyone can access Web3
• Transparency: public information is accessible to all
• Privacy: greater protection of personal data

Web 3 Costs

• Chaos: people can say whatever they want
• Energy Intensive: mining uses lots of energy; sharing files across multiple servers also uses more energy than central storage