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Web3 is a term used to describe a new paradigm in web interaction and the evolution of web usage, incorporating concepts such as decentralization, blockchain technologies, and token-based economics. Unlike the current web (Web 2.0), where data is centralized in a few major companies, Web3 aims to create a decentralized internet where users have control over their own data, identity, and transactions. This vision for a new layer of the internet is built on the backbone of decentralized protocols, like Ethereum, and is often associated with the rise of decentralized applications (DApps), decentralized finance (DeFi), and decentralized autonomous organizations (DAOs).