Elon Musk, Jack Dorsey Mock Web3, Criticizes Participation of Venture Capital Firms Like Andreessen Horowitz
Billionaires Elon Musk and Jack Dorsey have dismissed the so-called Web3 and criticized the involvement of venture capital firms like Andreessen Horowitz in building what some have called the next phase of the Internet.
Web3, a vague term for a decentralized version of the Internet, based on blockchain digital record-keeping technology, also drives platforms to run electronic money As if Bitcoin and Ether. Bitcoin price in India stand at Rs. 38.8 lakh and Ether Price in India stand at Rs. 3.19 lakh as of 10am IST on December 22nd.
Tesla Managing director Musk on Tuesday tweeted, “Has anyone seen web3? I can’t find it.”
About this, before Twitter top boss Dorsey replied, “It’s somewhere between a and z.”
Dorsey did not elaborate on the tweet. Venture capital firms like a16z, founded by Marc Andreessen and Ben Horowitz, have heavily supported blockchain, crypto, and Web3. Andreessen Horowitz was not immediately available for comment.
According to its proponents, Web3 is meant to give users an ownership stake in platforms and applications, while in Web2, the current form of the Internet, only a handful of major tech giants like Meta and Alphabet’s Google control platforms.
“You don’t own ‘web3’,” Dorsey tweeted Monday night. “Their VCs and LPs do. It’s never going to escape their incentives. It’s ultimately a centralized entity with a different brand. Know what you’re getting into…”
Dorsey’s tweet garnered thousands of likes and retweets, but many users also expressed disapproval.
To such an opposing tweet, Dorsey replied, “We have bigger problems if a tweet blocks hopes and dreams. For now, that’s not wrong. Criticism can help correct or redirect the energy to something more important.”
Web3 has joined the ranks of irreplaceable tokens (NFT) and Metaverse to become a tech buzzword attracted a lot of interest and sponsorship this year.
© Thomson Reuters 2021
