Yaniv Tal gives a presentation at LisCon 2021 discussing updates and topics in the evolving web3 landscape.

In his article, Nader Dabit clarifies that Web3 enhances the internet as we know it today with a few other added characteristics. web3 is:

Verifiable
Trustless
Self-governing
Permissionless
Distributed and robust
Stateful
Native built-in payments

Web3 applications either run on blockchains, decentralized networks of many peer to peer nodes (servers), or a combination of the two that forms a cryptoeconomic protocol. These apps are often referred to as dapps (decentralized apps), and you will see that term used often in the web3 space.

To achieve a stable and secure decentralized network, network participants (developers) are incentivized and compete to provide the highest quality services to anyone using the service.

More Info on https://www.freecodecamp.org/news/what-is-web3/