Tesla CEO Elon Musk and Twitter co-founder Jack Dorsey are some of the world's most famous billionaires who have amassed their fortunes through advances in technology. Musk and Dorsey shared their views on a hypothetical new iteration of the Internet - Web3.
Image Source: Win McNamee | Getty Images
While the concept of Web3 or Web 3.0 is still vague, its proponents describe a decentralized version of the Internet based on the blockchain, the underlying technology of most major cryptocurrencies and NFTs. Many entrepreneurs around the world are working to create the technologies they think should be the foundation of Web3.
Web3 proponents argue that today's online platforms are too centralized and controlled by a handful of large companies such as Amazon, Apple, Alphabet and Meta. These giants have accumulated a huge amount of data and content, which today occupies almost a large part of the Internet.
On Sunday, Musk tweeted a TikTok video of a 1995 interview with Bill Gates discussing the future of the internet. Under the video, Musk wrote that he does not consider Web3 to be anything real. In his opinion, it is more of a marketing term, and he can only imagine what the Web will be like in 10, 20 or 30 years. A day later, a businessman wrote, “Has anyone seen Web3? I cannot find him.
Given the almost unimaginable nature of the present, what will the future be? pic.twitter.com/b2Yw0AXGVA
- Elon Musk (@elonmusk) December 20, 2021
Dorsey, in turn, issued a statement that outraged Web3 supporters, which states that it is already under the control of Andreessen Horowitz, a venture capital firm, one of the early supporters of Facebook and a proponent of the Web3 idea. As a reminder, Dorsey stepped down as CEO of Twitter last month to focus on his e-payments startup Block.
You don't own “web3.”
The VCs and their LPs do. It will never escape their incentives. It's ultimately a centralized entity with a different label.
Know what you're getting into ...
- jack⚡️ (@jack) December 21, 2021
Web3 proponents want the power of the Internet to end up in the hands of the users, not the big tech companies. But Dorsey is confident that Web3 will eventually be owned by venture capital firms, as he tweeted. The post received more than 35 thousand likes, while some social network users stated that they strongly disagree with this statement.
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