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Recently, Web3 has gained massive attention by major analysts such as Gartner, Forrester, Forbes Technology Council and the Harvard Business Review. Albeit the current enthusiasm about Web3, we are lost in a state of confusion about what Web3 actually is \u2013 or could be. In this paper, we take an engineering approach. We discuss a potential foundation of Web3 in terms of fundamental components, architectural principles and a Web3 design space. We conclude that, from an engineering viewpoint, the Web3 can be characterized as the integration of digital rights exchange into the (application layer) internet protocols. 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