Web 3.0 – Is it a Myth or a Reality

Tesla’s CEO Elon Musk likes to make controversial comments. Musk and Twitter’s co-founder Jack Dorsey expressed their opinions regarding Web 3.0. According to supporters of Web 3.0, it is a decentralized version of the internet based on blockchain. Blockchain technology stands behind many major cryptocurrencies as well as nonfungible tokens, or NFTs. Many entrepreneurs are trying to design and build technologies that would support a decentralized version of the internet.

Supporters of Web 3.0 argue that today’s online platforms are too centralized and controlled by several large internet companies. Amazon, Alphabet, Apple, Facebook’s parent company Meta amassed vast quantities of data and content.

Musk, Dorsey, and Web 3.0

Several days ago, Elon Musk tweeted a TikTok of an interview about the internet between Bill Gates and David Letterman in 1995 asking “Given the almost unimaginable nature of the present, what will the future be?”

Tesla’s CEO followed up saying: “I’m not suggesting web3 is real. It seems more like a marketing buzzword than reality right now,” just wondering what the future will be like in 10, 20 or 30 years. 2051 sounds crazy futuristic!” One day later, the world’s wealthiest person followed up saying: “Has anyone seen web3? I can’t find it.”

Twitter’s co-founder Jack Dorsey also expressed his position regarding Web 3.0. A billionaire investor hinted that it is already under the control of venture capital firm Andreessen Horowitz. Dorsey stated that “It’s somewhere between a and z.” He believes that VCs and their limited partners will be the ones who ultimately end up owning Web 3.0. However, Web 3.0’s army of supporters ultimately wants to see the power of the internet put in the hand of the people and not VCs. They believe it is too big and important for a limited number of companies or investors to manage.

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