I am doing a IoT project for my studies and we're trying to wirelessly connect multiple (about 3 to 5) Arduino's to each other. It is the idea that these Arduino's collect data from sensors which they can then send to other Arduino's , but also that they use the data they receive from other Arduino's.
we were planning on using WiFi modules to communicate, does this allow two way communication between multiple Arduino's? Or are there restrictions to the communication?
For this kind of projects you should also look at the ESP8266 based boards, like the NodeMCU and WeMOS. Very capable microprocessors, with built-in WiFi. Can program through the Arduino IDE, and most Arduino libraries work out of the box.
Indeed, WiFi and the Web adds its own complexity. Such modules are great for a local network or peer-to-peer communication.
OP was talking about IoT so I assume they also want external connection or maybe control via a mobile phone app, and in that case WiFi would be the way to go.