Elon Musk and Twitter's co-founder, Jack Dorsey, have been talking about a hypothetical new iteration of the current internet known as Web3. With two of the most influential people in business talking about Web3, here's a better explanation of what Web3 or Web 3.0 means.

What is Web3?

According to the story by CNBC, Web3 or Web 3.0 has been hailed by certain proponents as a type of decentralized version of the internet that is based on the blockchain. Blockchain is the technology behind a lot of cryptocurrencies and NFTs or non-fungible tokens.

A number of entrepreneurs all around the world are now trying to design and build certain technologies and "protocols" capable of Web3 support. The entrepreneurs advocating Web3 argue that today's online platforms remain too centralized and controlled by a number of large internet companies, including Alphabet, Amazon, Apple, and the recently renamed Meta, previously known as Facebook. 

Elon Musk Shares Bill Gates' Previous Thoughts of Web3

As per the publication, the companies mentioned have already amassed a great deal of data and content that have been shared on the internet. With that, just recently, Elon Musk tweeted a TikTok of an interview between Bill Gates and David Letterman in 1995.

In the TikTok shown in the tweet, David Letterman asked, "what will the future be?" given the unimaginable nature of that time. To answer this, Gates said that he wasn't "suggesting web3 is real" and said it seems like more of a marketing buzzword than reality.

Elon Musk Questions Where is Web3

Musk then continued wondering what the feature could be like in "10, 20 or 30 years," noting 2051 was, according to him, "sounds crazy futuristic!"

On the other side of the spectrum, Dorsey said that it is already under the control of an early Facebook backer known as a Web3 advocate, the Andreessen Horowitz firm. To add, Dorsey noted that it is now "somewhere between a and z."

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Dorsey Believes Venture Capitalists Will End Up Owning Web3

Dorsey, however, believes that VCs, or venture capitalists, as well as their limited partners, will be the ones to end up owning Web3, as noted in his tweet. To add, the Block CEO said that it would never escape their incentives, saying that it is a centralized entity but just with a different label.

Aside from his side of the story, Dorsey left a one-liner to end his tweet urging people to "know what you're getting into..." referring to the state of Web3 being owned by the venture capitalists. The statement gained lots of disagreement, with some people saying that he was "dead wrong."

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This article is owned by Tech Times

Written by Urian B.