There are a few fundamental differences between Web2 and Web3, but decentralization is at its core.
Web3 enhances the internet as we know it today with a few other added characteristics. Web3 is:
Verifiable
Trustless
Self-governing
Permissionless
Stateful
Native built-in payments
In Web3, developers don't build and deploy applications that run on a single server or that store their data in a single database (usually hosted on and managed by a single cloud provider).
Instead, 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.
When you hear about Web3, you'll notice that cryptocurrency is often part of the conversation. This is because cryptocurrency plays a big role in many of these protocols. It provides a financial incentive (tokens) for anyone who wants to participate in creating, governing, or improving one of the projects themselves.
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