Web3 is the internet owned by the builders and users, orchestrated with tokens.
(Thanks to @packyM for this definition.)

Despite being touted as the future of the internet, crypto and Web3 lack socially beneficial uses. This is not empty cynicism; it is an insight born from experience. In 2016, Arvind coauthored a textbook about the computer science of Bitcoin and cryptocurrencies. The book has been used in over 150 courses across the world, and an online course based on the book has had over seven hundred thousand enrolled students. When Arvind began working on the book in 2014, the tech was still new, and it seemed plausible that people would build useful products using it. But it has gradually become clear that crypto is a solution looking for a problem. Since 2018, Arvind has not worked on developing cryptocurrency technology and his main interest in this area has been helping shape public policy to counter its harms.