Web3 Foundation is an organization created to facilitate innovation and growth in Web3, a new stage of the internet stored on decentralized blockchain networks.
The organization’s council members are Dr. Gavin Wood, co-founder of Ethereum and Polkadot, as well as Dr. Aeron Buchanan and Reto Trinkler. The Foundation aims to fund and advise projects to assist in developing new applications and technologies that will be used on Web3.
What is Web3?
By using blockchain technology like the Ethereum Virtual Machine or EVM, Web3 aims to decentralize the web by a combination of dApps and self-executing smart contracts. By sharing the computational load across various computers or nodes, EVM decentralizes the computations themselves. This means that each computer using the Ethereum system will run its own EVM so as to maintain cohesion amongst the network.
The fact that data is stored in a decentralized way should help prevent censorship and improve data privacy, although it will undoubtedly come with many challenges as well.