Recently updated on April 18, 2024
Put briefly, Web3 is a new, better version of the internet, built on the blockchain. In Web3, all applications will no longer be controlled by FAANG, but be decentralized and run on the blockchain.
Smart contracts (a software on the blockchain) will autonomously execute tasks when a set of rules, predefined in the code, are met.
Digital assets (crypto tokens and NFTs) will be used to arrange the Web3 environment.