Elon Musk and Jack Dorsey are talking about ‘Web3’ : What it is and why it matters.
According to recent reports, Tesla CEO Elon Musk and Twitter co-founder Jack Dorsey — both world-renowned technology billionaires — have suggested a new version of the internet, “Web3”. Although the concept of Web3 or Web 3.0 is still undefined, advocates of the idea are extolling a decentralized edition of the internet built on blockchain, the technological principle behind most major cryptocurrencies and immovable tokens, or NFTs. Currently, entrepreneurs across the planet are trying to design and develop technologies and various protocols that support Web3.
According to the proponents of Web3, coming after Web1 and Web2, today’s online platforms are overly centralized and controlled by a few prominent big internet companies such as Amazon, Apple, Alphabet, and parent corporation Facebook Meta. In the hands of these companies, an infinite amount of information and material published on the internet is concentrated.
The almost unimaginable nature of the present
Musk recently posted an interview on TikTok about the internet between Bill Gates and David Letterman in 1995, asking what the future looks like given the almost unimaginable nature of the present. Afterward, he said he was not claiming that Web3 was a fact — it was more marketing hype than reality — he simply questioned what the future would be like in 10, 20 or 30 years’ time. In his view, 2051 means a crazy futuristic future.
To the dismay of Web3 fans, Dorsey has hinted that the company has indeed been taken over by venture capitalist Andreessen Horowitz, one of Facebook’s early investors and backers of Web3. This is somewhere between a and z, believes Dorsey, who left his position as Twitter’s chief executive last month to concentrate entirely on developing his payment startup Block, previously called Square. Ultimately, the proponents of Web3 want the power of the internet to be in the hands of people, not capitalists. They are convinced that the internet represents too much and too important force for a limited number of companies or investors.
“It will never escape their incentives.”
Internet technology is extremely necessary to the world economy nowadays and helps everything from nuclear power plants to medical facilities. However, Dorsey is confident that in the end, the owners of Web3 will still be venture capitalists and their limited company partners. “It will never escape their incentives,” he tweeted, causing a backlash from admirers of the strategy. “Ultimately it is a centralized organization with a different name.” Within nine hours, his post had garnered more than 26,500 likes and 5,900 retweets, sometimes writing that he was “completely wrong” or expressing his strong disagreement.
An active movement towards decentralized finance
In a follow-up tweet, Dorsey wrote that he believes venture capitalists, rather than people, are the problem. He also posted a meme on Twitter demonstrating how venture capitalists can get rich using Web3. In addition to the internet, there is an active movement towards decentralized finance (DeFi), led by cryptocurrency businessmen and proponents of currencies such as Bitcoin and Ethereum. In the energy environment, a similar trend is developing. In the past, energy production was provided by selected companies and, once sold, by everyone. But now individuals are seizing power over meeting their energy demands and increasing their decentralization.
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