Wood's vision paired blockchains, peer-to-peerA network where participants connect directly as equals — no single central server is required. messaging, and decentralized storage so users owned identity and data instead of platforms. The label became marketing shorthand for wallets, NFTs, and token-gated apps — loved by founders, mocked by skeptics, but the name stuck.

Web3 named the post-platform internet Ethereum builders were pitching.

It framed crypto as infrastructure for apps, not just digital gold.