The Web3.0 Economic System: Structure, Model, and Applications

Abstract

Web2.0 significantly expanded online user participation through centralized platforms but also led to issues such as data monopolies and privacy concerns. In contrast, Web3.0 introduces a decentralized paradigm based on blockchain, smart contracts, and distributed ledgers, aiming to reconstruct the institutional foundations of the digital economy. However, existing research remains fragmented, often focusing on technological or governance aspects without offering a cohesive framework to interpret Web3.0 as an integrated economic system. This study proposes a three-layer conceptual model, comprising the system, operation, and application layers, to provide a unified framework for understanding Web3.0’s economic architecture. The model links technological infrastructure, incentive governance, and value realization mechanisms, drawing upon systems theory, institutional economics, and socio-technical systems theory to explain how decentralized infrastructures, token-based incentives, and application ecosystems interact and evolve. Through a systematic literature review, the study identifies key mechanisms shaping value circulation, token governance, and institutional adaptation in decentralized economies, offering theoretical guidance for both research and regulation. It concludes by outlining policy and research pathways toward the sustainable and inclusive evolution of Web3.0 ecosystems.