One of the most discussed topics on the internet right now is: Web3. But, what exactly is Web3?
As it currently stands, the term “Web3” is meant to explain the next iteration of the internet to come. It assumes that we currently live in Web 2.0, which can be understood as an age of communication and e-commerce through programs that are owned by major tech companies and internet organizations, like Meta (Facebook), Twitter, Amazon, etc.
According to a recent Wired article: “At the most basic level, Web3 refers to a decentralized online ecosystem based on the blockchain… Platforms and apps built on Web3 won’t be owned by a central gatekeeper, but rather by users, who will earn their ownership stake by helping to develop and maintain those services.”
The concept and naming of “Web3” got a laugh out of Tesla CEO Elon Musk and Twitter co-founder Jack Dorsey. They were later joined by ARK Invest manager Cathie Wood. Never one to shy away from expressing his own opinion, Elon Musk took to his Twitter account to make a joke about the name.
“Has anyone seen web3? I can’t find it,” Elon Musk wrote.
Jack Dorsey, the co-founder of Twitter, replied quickly with a cheeky response, saying “It’s somewhere between a and z.”
It’s somewhere between a and z— jack⚡️ (@jack) December 21, 2021
The main criticism of Web3 is that the internet won’t be decentralized at all. According to Jack and others, it will just be owned by major venture capitalists and their partners. This is something that Jack Dorsey openly pointed out in multiple tweets.
You don’t own “web3.”— jack⚡️ (@jack) December 21, 2021
The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.
Know what you’re getting into…
“It’s ultimately a centralized entity with a different label,” he said. “Know what you’re getting into …”
The fight between the critics and promoters of “Web3” will continue on…