Web3, a vague term for
a utopian version of the Internet that is decentralised, is based on digital
record-keeping technology blockchain, which also drives the platforms running
cryptocurrencies such as Bitcoin and Ether.
Tesla Chief Executive
Officer Musk on Tuesday tweeted, "Has anyone seen web3? I can't find
it."
Has anyone seen web3?
I can't find it.
— Elon Musk
(@elonmusk) December 21, 2021
To this, former
Twitter top boss Dorsey replied, "It's somewhere between a and z."
It's somewhere between
a and z
— jack⚡️
(@jack) December 21, 2021
Dorsey did not
elaborate on the tweet. Venture capital firms such as a16z, founded by Marc
Andreessen and Ben Horowitz, have heavily backed blockchain, crypto, and Web3.
Andreessen Horowitz was not immediately available for comment.
Web3 is meant to give
users ownership stakes in platforms and applications, according to its backers,
while in Web2, the current form of the Internet, only a few major tech giants
such as Meta and Alphabet's Google control the platforms.
"You don't own
"web3,"" Dorsey tweeted on Monday night. "The VCs and their
LPs do. It will never escape their incentives. It's ultimately a centralised
entity with a different label. Know what you're getting into…"
Dorsey's tweet
garnered thousands of likes and retweets, but many users also expressed
disagreement.
To one such tweet with
an opposing view, Dorsey responded, "We have bigger issues if a tweet
stifles hopes and dreams. Currently it's not wrong. Critique can help fix, or
divert energy to something more important."
Web3 has joined the
ranks of non-fungible tokens (NFTs) and the Metaverse to become a tech buzzword
attracting a lot of attention and funding this year. © Reuters
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