Billionaires Elon Musk and Jack Dorsey rejected the so-called Web3 and some criticized the involvement of venture capital firms such as Andrzej Horowitz in building the so-called next phase of the Internet.
Web3 is the vague term for the utopian version of the decentralized Internet, based on the digital record-keeping technology blockchain that also operates platforms that operate cryptocurrencies such as Bitcoin and Ether. Bitcoin price in India is Rs. 38.8 lakh and the price of ether in India is Rs. 3.19 lakh as on December 22 at 10 am.
Tesla CEO Musk tweeted Tuesday, “Did anyone see web3? I could not find it.”
To this, the former Twitter top boss Dorsey replied, “It’s somewhere between a and z.”
Dorsey did not comment on the tweet. Venture capital firms, such as a16z, founded by Mark Andrissen and Ben Horowitz, have largely supported blockchain, crypto and Web3. Andreessen Horowitz was not immediately available for comment.
Web3 is, according to its proponents, the ownership of sites and applications by users, while in the current form of the Internet, Web2, only a few major technology giants, such as Meta and Alphabet’s Google, control the platforms.
“Web 3” does not belong to you, “Dorsey tweeted Monday night.” VCs and their LPs do. It never goes wrong with their motivation. It’s a centralized company with a different label in the end. Find out what you get … “
Dorsey’s tweet received thousands of likes and retweets, but many users disagreed.
To such a tweet, Dorsey responded, “If a tweet disables beliefs and dreams, we have big problems. Currently it is not a mistake. Criticism can help fix or divert energy to the most important.”
Web3 has become a technology buzzword this year, along with a line of non-funkable tokens (NFTs) and Metaverse.
© Thompson Reuters 2021