SAN FRANCISCO (REUTERS) – Billionaires Elon Musk and Jack Dorsey dismissed the so-called Web3 and criticised the involvement of enterprise capital corporations similar to Andreessen Horowitz in constructing out what some have referred to as the following section of the web.
Web3, a obscure time period for a utopian model of the web that’s decentralised, is predicated on digital record-keeping know-how blockchain, which additionally drives the platforms operating cryptocurrencies similar to bitcoin and ether.
Tesla chief government officer Mr Musk on Tuesday (Dec 21) tweeted, “Has anybody seen web3? I can not discover it.” To this, former Twitter prime boss Mr Dorsey replied, “It is someplace between a and z.”
Mr Dorsey didn’t elaborate on the tweet. Enterprise capital corporations similar to a16z, based by Mr Marc Andreessen and Mr Ben Horowitz, have closely backed blockchain, crypto and Web3. Andreessen Horowitz was not instantly out there for remark.
Web3 is supposed to provide customers possession stakes in platforms and purposes, in accordance with its backers, whereas in Web2, the present type of the Web, just a few main tech giants similar to Meta Platforms and Alphabet’s Google management the platforms.
“You do not personal ‘web3’,” Mr Dorsey tweeted on Monday night time. “The VCs and their LPs do. It’s going to by no means escape their incentives. It is finally a centralised entity with a unique label. Know what you are moving into…”
Mr Dorsey’s tweet garnered hundreds of likes and retweets, however many customers additionally expressed disagreement.
To at least one such tweet with an opposing view, Mr Dorsey responded, “Now we have greater points if a tweet stifles hopes and desires.
“At the moment it is not mistaken. Critique may also help repair, or divert vitality to one thing extra vital.”
Web3 has joined the ranks of non-fungible tokens (NFTs) and the metaverse to develop into a tech buzzword attracting quite a lot of consideration and funding this yr.