Elon Musk, Jack Dorsey Mock Web3 on Twitter

Billionaires Elon Musk and Jack Dorsey dismissed the so-called Web3 and criticised the involvement of enterprise capital corporations equivalent to Andreessen Horowitz in constructing out what some have referred to as the subsequent section of the Web.

Web3, a imprecise time period for a utopian model of the Web that’s decentralised, relies on digital record-keeping know-how blockchain, which additionally drives the platforms operating cryptocurrencies equivalent to Bitcoin and Ether. Bitcoin worth in India stood at Rs. 38.8 lakh and Ether worth in India stood at Rs. 3.19 lakh as of 10am IST on December 22.

Tesla Chief Government Officer Musk on Tuesday tweeted, “Has anybody seen web3? I can not discover it.”

To this, former Twitter prime boss Dorsey replied, “It is someplace between a and z.”

Dorsey didn’t elaborate on the tweet. Enterprise capital corporations equivalent to a16z, based by Marc Andreessen and Ben Horowitz, have closely backed blockchain, crypto, and Web3. Andreessen Horowitz was not instantly accessible for remark.

Web3 is supposed to present customers possession stakes in platforms and functions, based on its backers, whereas in Web2, the present type of the Web, only some main tech giants equivalent to Meta and Alphabet’s Google management the platforms.

“You do not personal “web3,”” Dorsey tweeted on Monday evening. “The VCs and their LPs do. It can by no means escape their incentives. It is in the end a centralised entity with a unique label. Know what you are stepping into…”

Dorsey’s tweet garnered hundreds of likes and retweets, however many customers additionally expressed disagreement.

To 1 such tweet with an opposing view, Dorsey responded, “We’ve got greater points if a tweet stifles hopes and desires. At present it isn’t incorrect. Critique may help repair, or divert vitality to one thing extra essential.”

Web3 has joined the ranks of non-fungible tokens (NFTs) and the Metaverse to change into a tech buzzword attracting quite a lot of consideration and funding this yr.

© Thomson Reuters 2021

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