Elon Musk has entered the fray with a typically SpaceX-esque tweet, suggesting that as long as people are using crypto for payments then it is not “Web3” and therefore useless. Is this true? We explore how Web3 could transform business in its current form, without having to rely on centralized intermediaries like banks.
Elon Musk has been trolling the Web3 concept for quite some time. He claims that it is not decentralized, and does not have a point. However, he has his own vision of what the future should be like. Read more in detail here: web 3.
On Tuesday, Elon Musk, the world’s wealthiest man, turned to Twitter to criticize Web3, wondering if anybody had seen it since he “can’t locate it.”
“Has anybody seen Web3?” says the narrator. I can’t seem to locate it.”
While Web3 is being portrayed as an impending revolution, maybe unstoppable, it seems that he isn’t convinced. But what does he mean when he says he can’t locate it?
What exactly is Web3?
Web3 is billed as the internet’s next evolution. Decentralization will be included, and blockchain technology, including cryptocurrencies, will be used.
The fundamental principle of this concept is that people will own the programs and platforms they use. This is in stark contrast to the present situation, in which tech oligopolies such as Google and Facebook, among others, dominate the show.
Web3 encompasses several other concepts as well, including the Metaverse, NFTs, and decentralized autonomous organizations (DAOs).
The word was coined by Gavin Wood, the founder of Parity Technologies. Web3, Wood said Wired, is our final chance for “liberal democracy.” Even yet, he remains skeptical that it will be able to break the grip of tech behemoths.
Wood went on to argue that it’s a logical improvement over how things are now done. When seen from a broad perspective, it’s even unavoidable. He did soften his statements by hinting that the tech oligopolies would not fold over.
“I suppose the problem is, I’m not sure whether it’ll—I mean, I think it’s a logical improvement.” And I believe it is unavoidable in the big scheme of things. Either it’s unavoidable or civilization is imploding. But it’s a lot more difficult topic to address in terms of tangible.”
So, what precisely does Musk mean?
In reaction to Musk’s remark, Jack Dorsey joined in, implying that Web3 as a notion to combat centralization is dead in the water.
Web3 is already owned by venture capitalists and restricted partners, according to the former Twitter CEO (or the investors of VCs). As a result, according to Dorsey, Web3 is still centralized “under a new title.”
“You do not own the term “web3.”
The VCs and their LPs are the ones who do it. Their motivations will never let them down. It’s a centralized entity with a different label at the end of the day.
“Know what you’re getting yourself into…”
Musk’s social media posts are infamous for their “doublespeak,” or the fact that what he says may be read in several ways.
Musk’s question about where Web3 is could be interpreted as a dig at the slow pace of development. Alternatively, the same remark might indicate that he agrees with Dorsey and that the idea of escaping big tech’s grip is a mirage.
So, to address the question of whether Musk has a good argument, the answer is perhaps.
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