Sorry, I'm not commenting on the good or bad. I wanted to provide a dense technical overview of what web3 is being used for since it's HN.
If you want a concise definition of web3 the website provides this as well: https://web3.lifeitself.us/concepts/web3
If you want a concise definition of web3 the website provides this as well: https://web3.lifeitself.us/concepts/web3