WEB3: What is Web3 and why Elon Musk and Jack Dorsey are “against”
What is Web3
It was in 1989, the World Wide Web was started by Tim berners-lee. I thought it wasn’t called Web 1, but it did allow people to go online. The Web 2 was the next generation – never officially called Web 2 – and it was in 1999 that the Internet changed in many ways. In 2014, Gavin Wood, the man behind Ethereum, is credited with inventing Web3. Simply put, Web3 takes the internet in its current form and adds blockchains to almost everything. The idea is to decentralize the Internet and not have the bigwigs like Google, Facebook has all the “power”, so to speak. A decentralized blockchain-based internet will mean that users will be ‘owners’ as well.
How will it work in practice?
Ethereum, a decentralized and open source blockchain, described Web3 as decentralized applications that run on the blockchain. Web3, according to Ehtereum, will be a network where no authorization is required to use a service. No one will block you or deny you access to any service. You can make payments through native tokens or cryptocurrencies using the blockchain. It sounds like a rather utopian and radical idea, but then who would have thought that cryptocurrencies or NFTs would become so mainstream a few years ago.
Will it change the way you use the Internet?
To begin with, it is still a long way off and it seems very utopian. The idea seems to take control out of the hands of the big tech companies and hand it over to the people – make it decentralized. Blockchain has made inroads but there is still a long way to go. Web3 will take a lot more to dislodge Web 2.0 and become the Internet most people use.
Why are Musk and Dorsey skeptical?
Musk recently tweeted, âHas anyone seen web3? I can not find it. In an earlier tweet, Musk said it was more about marketing than reality. “I’m not saying web3 is real – it sounds more like a marketing buzzword than reality right now …”
Dorsey believes people won’t own the Internet, but venture capitalists will. âYou don’t own ‘web3,’ Dorsey tweeted Monday night.” VCs and their LPs do. It’ll never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting yourself into. get on boardâ¦ â
It is, as we said, a rather utopian idea and skepticism could be justified. But it’s still early days, because after all, if someone in the ’90s had told you that a phone would almost become the ultimate device for literally everything you do, you might have just laughed at it. To use the tired clichÃ©, let’s wait and watch.