Elon Musk and Jack Dorsey are talking about ‘Web3’ : What it is and why it matters.

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.

“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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