**4. What is Web3 and how it is different?**

Web3 can be broadly defined as the digital infrastructure whereby the protocols and underlying technology elements (mainly blockchain) facilitates direct interaction between users and removes the need of any centralized agencies (or trusted intermediaries) to verify users or transactions [3]. Currently there are not many academic works that has studied Web3 in detail or provided a well-accepted definition. Liu et al. defines Web3

as an *"era of computing where the critical computing of applications is verifiable"* [4]. The three critical infrastructure elements as outlined for Web3 by these experts [4] include:


While using this definition, this chapter attempts to provide an easy-to-understand comparison with Web 2.0 infrastructure so that readers can understand how the concept of decentralization will impact technology elements that will drive the eCommerce business models. **Table 1** provided below identifies some of the most used Web3 related terms and their definitions.
