Web 3, also known as the decentralized web or the semantic web, refers to the idea of a new iteration of the World Wide Web that incorporates concepts such as decentralization, blockchain technology, and token-based economics. The key principles behind Web 3 are:

Decentralization: Instead of data and content being hosted on centralized servers owned by big tech companies, Web 3 aims to distribute data across decentralized networks and protocols, reducing the control and power of large corporations.

Blockchain and Cryptocurrencies: Web 3 leverages blockchain technology and cryptocurrencies to enable secure, transparent, and decentralized execution of transactions and agreements without intermediaries.

Token-based economics: Web 3 envisions a tokenized ecosystem where digital assets, including content, data, and services, can be owned, traded, and monetized through cryptocurrencies and non-fungible tokens (NFTs).

Semantic Web: Web 3 aims to make the internet more intelligent and interconnected by incorporating semantic data, enabling machines to understand and interpret information more like humans.

User Ownership and Privacy: Web 3 emphasizes user control over personal data and digital identities, aiming to shift the power from centralized platforms to individual users.

The vision of Web 3 is to create a more open, trustless, and distributed internet that is not controlled by a few major tech companies. However, Web 3 is still an evolving concept, and its practical implementation and adoption are ongoing challenges.