Web3: The Next Internet Revolution

Since the first appearance of the World Wide Web, individuals have increasingly relied on the Internet for cyber social activities. The second phase of the World Wide Web, known as Web 2.0, has extensively attracted worldwide people who participate in creating and enjoying the virtual realm. Today, the next Internet revolution, Web3, will open new opportunities for conventional social models. The decentralization property of Web3 is capable of breaking the monopoly of Internet corporations. Moreover, Web3 will lead to a paradigm shift from the Web functioning solely as a publishing medium to one that fosters intensive interaction and participation. This shift will profoundly influence the interactions between users and platforms, relationships within production networks, and global economic models. As a result, it is necessary that this article technically, practically, and more broadly take an overview of Web3. This article presents a comprehensive survey of Web3, focusing on current technologies, challenges, opportunities, and outlook. This article first introduces several key technologies underlying Web3. Then, some types of Web3 applications (e.g., blockchain) are illustrated in detail. Blockchain and smart contracts ensure decentralized organizations are less trusted and more truthful than centralized ones. Decentralized finance will be global, and open with financial inclusiveness for unbanked people. This article also discusses the relationship between the Metaverse and Web3, including the differences and similarities between Web 3.0 and Web3. Drawing inspiration from Maslow’s hierarchy of needs theory, a novel hierarchy of needs theory within Web3 is proposed. Finally, several worthwhile future research directions of Web3 are discussed.