Question: "Could you explain Web3 to a 5-year-old?"The answer:Web1 -> Web2 -> Web3 = Read-Only -> Read-Write -> Read-Write-Own
Just as the internet enabled frictionless information transfer, public blockchain technology enables frictionless value transfer. The addition of frictionless value transfer protocols to the internet has changed the internet forever. This new internet is often referred to as Web3.
Web3 enables value to flow proportionately to those who create it. This includes the early adopters of new products and platforms, as many of the Web's most popular products have network effects. Because blockchain data is public, users and contributors to companies and products can verify their accrued value (i.e. token holding) at almost 0 cost (because of data platforms like The APIS).
Web3 is the next iteration of the internet, one where consumers and creators own the products, platforms, and protocols on top of which they produce value--from digital JPEGs, to transparent financial markets, to innovative patents and intellectual property.