Web 3 (also known as Web 3.0 and sometimes stylized as web3 is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, in the form of a distributed ledger such as blockchain technologies, and token-based economics.
The World Wide Web is controlled by a handful of centralized corporations such as large tech companies that exert a stronghold over it. As such, these entities are able to decide who can access the Internet, what is allowed on the Internet, and what is not allowed.
Web3 seeks to solve this dilemma by decentralizing the a new World Wide Web that is being built, owned, and operated by its users. With this, Web3 puts control in the hands of individuals and users instead of corporations.
Unlike with current Web 2.0, platforms and apps are owned, developed, and maintained by decentralized entities such as the platforms users.