The term Web3 was coined by the co-founder of Ethereum, Gavin Wood, in 2014. People are all defining it a bit differently- at Coinbase they think of Web3 as "a trustless, permissionless, and decentralized internet that leverages blockchain technology." Its defining feature and largest value driver is the ownership it gives users. The first version of the internet (Web 1) was "read-only", Web2 is "read & write", and now Web 3 "gives users full ownership over their content, data, and assets via blockchains. It empowers users to read-write-own."