Web 3.0 is indeed the future version of the present-day Internet which will be purely based on public blockchains. Public blockchains refer to a record-keeping system known for carrying out crypto transactions. Unlike its predecessors, the key feature of Web 3.0 is its decentralized mechanism, translating to users using the Internet via services governed by major tech players, individuals, and users. The users will also get the privilege of controlling various parts of the Internet. Web 3.0 doesn't necessarily demand any form of "permissions," meaning that the governing bodies have no role to play in deciding the Internet service accessibility, nor is any "trust" required. Hence no intermediatory body is not necessary to carry out virtual transactions amongst different involved parties. Since these online agencies are involved in most of the data collection part, Web 3.0 will protect user privacy in a better manner.
Decentralized Finance, or DeFi, is an integral component of Web 3.0 and has gained significant traction recently. It involves executing real-world financial transactions over blockchain technology without any assistance from banks or the government. Also, larger enterprises across different industries are now investing in Web 3.0, and this hasn't been easy to consider that their engagement won't be driving results in some centralized authority form.