In a nutshell, this is a decentralized Internet. There are, naturally, many more components to it.

I find this definition much more useful and simple to understand. Web3 is a bit confusing for many people when we go deep down but above is good for any one to have clear understanding of web3 what it is about. Other components are obviously there that we need to learn and understand but anyone who is fairly new, this is good enough to start with