In my view, Web 3.0 is essentially the "Semantic Web" that has been the dream of Tim Berners-Lee and other important people behind the growth of the web.  The Semantic Web "allows a person, or a machine, to start off in one database, and then move through an unending set of databases which are connected not by wires but by being about the same thing." (Web 3.0 is about creating Semantic Web.)

More efficient connections across the Web should yield significant economic and personal benefits.  For example, imagine the ability to translate languages automatically, quickly, and quite well.