what exactly is Web 3.0, what will it look like and how will it change our lives?

Web 3.0 comes in three phases, starting from a decentralized peer-to-peer Internet with strong cryptography to a much more automated operation, for example, `road vehicles of the Future’ or autonomous machines running manufacturing plants.
Furthermore, users and machines will be able to interact with data. But for this to happen, programs need to understand information both conceptually and contextually. With this in mind, the two cornerstones of Web 3.0 are semantic web and artificial intelligence (AI).

Web 2.0 and Web 3.0

Web 2.0 is the term coined by web marketing pioneer, Tim O’Reilly to represent a particular era from the mid-to-late-2000s, where there was a large increase in user-generated content, notably through blogging and uploading social media images. It is also seen as the long tail of mass democratization and marketing of niche-appeal small producers.

Web 3.0, Cryptocurrency, and Blockchain

The old web has failed. This is the era of Web 3.0 powered by cryptocurrency and blockchain technology.
The new Web 3.0 will be a direct response to the limitations of the Web 2.0 environment, which essentially accelerated how global digital workers operate and interacted with each other locally and through patches, shielding themselves from global tracking of data collection along with global identity theft, scammers and middle people for content distribution or advertisement. As Web 3.0 networks will operate through decentralized protocols — the founding blocks of blockchain and cryptocurrency technology — we can expect to see a strong convergence and symbiotic relationship between these three technologies and other fields. They will be interoperable, seamlessly integrated, automated through smart contracts, and used to power anything from microtransactions in Africa, censorship-resistant P2P data file storage and sharing with applications like Filecoin, to completely changing every company's conduct and operate their business. The current slew of DeFi protocols is just the tip of the iceberg.