Chapter 1 provides an overview of the concepts and definitions inherent to Web3. It presents a deep exploration into the phenomenon of "Convergence of Convergence," a term coined to denote the convergence of various dimensions within Web3, such as technology, data, user interactions, business models, identity, and organizational structures. The chapter also offers a comparative study of Web3 from different perspectives – tracing its evolution in the Internet era, analyzing its implications for user experience, evaluating its regulatory aspects, and understanding its scalability. Each of these aspects is explored in a detailed, standalone section, allowing readers to comprehend the multifaceted nature of Web3. The overarching aim of this chapter is to foster a comprehensive understanding of Web3, delineating its significance as a major shift in the Internet paradigm and its potential for creating more decentralized, user-empowered digital ecosystems.