In the last few years, internet visionaries such as Tim Berners-Lee and scores of newcomers have been exploring the merits of a new internet built on some of these ideas as well as the principles of privacy and decentralization. This technological movement is now called “Web 3.0.”

Web 3.0 networks are powered by decentralized protocols. These protocols rely on and engineer the cooperation of their users to drive specific outcomes, whether that means running millions of programs (smart contracts) through the Ethereum decentralized computing platform or powering a truly decentralized data storage marketplace such as Filecoin.

Instead of relying on trusted intermediaries to coordinate users, Web 3.0 systems use mechanisms such as cryptographic proofs and economic incentives to guarantee users that the system is working as expected. As a result, Web 3.0 networks are trustworthy, yet decentralized. And because these projects succeed only if their users cooperate, their creators have strong incentives to align with their users’ best interests.