Library · Crypto, word by word · The basics
What is Web3?
Web3 is a name for an internet built on blockchains, where users can own digital assets and a share of the platforms they use through tokens, instead of a few companies holding the accounts and data. ethereum.org sums it up as read, write and own.
What it means for you
Most of what is sold as Web3 still runs on ordinary servers and company services, and owning a token does not by itself give you control of a platform. Fees, hard-to-use apps and scams remain real costs for anyone trying it.
How it works
ethereum.org describes Web3 as read-write-own: where Web2 platforms control user content and digital items, in Web3 users can own assets directly on a blockchain and can own platforms as a collective, using tokens that act like shares. It lists the limits plainly: high transaction fees, a steep user experience, the need for new mental models, and an ecosystem that still depends on centralised services.
Source: ethereum.org: What is Web3? · checked 5 October 2026
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