Web3, also known as Web 3.0, is the concept of the next generation of the web. It is a decentralized network that incorporates blockchain technologies, token-based systems, and cryptocurrencies to give power back to users in the form of ownership. The term "Web3" was coined by Polkadot founder and Ethereum co-founder Gavin Wood in 2014. Web3 uses intelligent systems, semantic web, decentralization, metaverse, digital assets, and other emerging technologies to create a better internet.

On Web3, users' data is stored on their cryptocurrency wallet. When they interact with apps and communities through their wallet and log off, they take their data with them. Web3 offers a read/write/own version of the web where users have more control over web communities and a financial stake in them. Web3 platforms could give creators and users a way to monetize their activity and contributions in a way that today's mega-platforms do not.

Despite its numerous benefits, there are still many limitations that the ecosystem must address for it to flourish. One such limitation is accessibility - important Web3 features like Sign-in with Ethereum are already available for anyone to use at zero cost, but high transaction fees make it less likely to be utilized in less-wealthy developing nations. However, Ethereum.org contributes to Web3 education through its Translation Program, aiming to translate important Ethereum content into as many languages as possible.

In conclusion, Web3 is an extension of cryptocurrency that uses blockchain in new ways to new ends. It offers a decentralized network where users have more control over web communities and a financial stake in them. Despite its limitations like accessibility issues due to high transaction fees, it has the potential to revolutionize the internet by giving power back to users in the form of ownership.