The document provides an overview of the architecture of the modern web. It outlines key standards like HTML, CSS, HTTP and discusses related technologies like microformats, OAuth, and social graphs. It also describes emerging concepts like the semantic web and augmented reality. The document proposes a "market graph" to connect people, businesses and products and an open advertising platform as an alternative to ad networks. It concludes by discussing research challenges and emerging technologies that could shape the future of the web.