Gavin Wood coined the phrase Web3 in 2014 to refer to the next iteration of the internet. In his view, decentralized data secured with blockchain technology would lessen big tech's control over the data generated on the internet. Why should Facebook and Google make millions off consumer data? Shouldn't people have more say in how their data is being used?
Although Wood's vision of democratized data is open to debate, the technology that underlies Web3 is not. Organizations are already looking to decentralize their data as part of edge computing initiatives. Many are implementing artificial intelligence tools to help assemble and analyze data faster and more accurately. The following technologies are what will fuel the move to Web3.