Why Are Jack Dorsey and Elon Musk against Web 3.0?

Why Are Jack Dorsey and Elon Musk against Web 3.0

In a new instance of rich dudes squabbling over tech developments – here’s their outlook on Web 3.0.

“Sounds like BS” was Tesla CEO Elon Musk’s very eloquent review of Web 3.0. After all, few people know more about BS than Musk.

Web 3.0 has been touted as the internet of the future and a new generation of webs. It aspires to decentralize the internet using blockchain-based tokens. It will allow people to “own” their internet activities, thus doing away with the power of big techs, such as Amazon, Alphabet and the like. The CEO of tech company Bitfury, Brian Brooks, summed it up in a speech, “The real message here is that what happens on the decentralized internet is decided by the investors versus what happens on the main internet is decided by Twitter, Facebook, Google and a small number of other companies.”

While over US$27 billion has been invested in Web 3.0, critics abound on this new advancement. 

Why are people skeptical about Web 3.0?

From lack of regulation to compromised privacy—there are various concerns about adopting Web 3.0. Former Twitter CEO Jack Dorsey, who recently stepped down from the post, feels that ownership is a noteworthy concern with Web 3.0. Recently, he tweeted, “You don’t own ‘web 3.0’. The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into…” According to him, even though Web 3.0 aims to be decentralized, it won’t be able to escape the influence of venture capitalists and their limited partners. He went on to dub the “decentralization” phrase as a veil for corporate incentives. 

Unsurprisingly, this didn’t sit well with the venture capitalists that have invested in Web 3.0. So much so that Marc Andreessen, the co-founder of venture capital firm Andreessen Horowitz, blocked Dorsey on Twitter. Andreessen has invested over US$3 billion in the new generation of the internet and, evidently, will not stand for people telling him that his investment might go downhill. It’s understandable, no one likes being told they are wrong, especially not powerful rich men (Ask Former US President Donald Trump!)

What makes Elon Musk not like Web 3.0?

For one, his inability to find it. On December 21, 2021, Musk tweeted, “Has anyone seen web 3.0? I can’t find it.” To that, another Twitter user responded, “I can’t find dogecoin on the moon either.” Secondly, Musk feels that Web 3.0 is beyond his understanding. In an interview, he said that he doesn’t “get” Web 3.0. In fact, according to him, Web 3.0 is not real and seems to be nothing more than a “marketing buzzword” with no real foundation. Emphasizing the implausibility of Web 3.0, he tweeted, “Just wondering what the future will be like in 10, 20 or 30 years. 2051 sounds crazy futuristic!” Metaverse is also among the numerous things Musk doesn’t understand. “Sure you can put a TV on your nose,” Musk said during the interview. “I’m not sure that makes you ‘in the metaverse’.” All things considered, we are intrigued to see Musk put a TV on his nose. 

Dorsey and Musk are not the only two to be skeptical about the idea of Web 3.0. While some people are looking forward to being free from the influence of big tech companies, others wonder if they will truly be free. Well, that’s for time to reveal. 

Header Image by Flickr

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

What Should Employees Do in a Crisis

What Should Employees Do in a Crisis?

At the start of January 2023, a drunk man in an Air India flight’s business class urinated over a 72-year-old woman sitting beside him. The man, Shankar Mishra, was the Vice President of the financial services company Wells Fargo (he was fired following the incident). In itself, the incident is disgusting.

Top 5 AI Companies in the World

Top 5 AI Companies in the World

Technological developments are driven by the human need to make life easier and complete tasks faster and more efficiently. The drastic growth of technology in recent years has paved the way for artificial intelligence (AI) to become an integral part of almost every industry—from education and lifestyle to music and sports. It is everywhere. And by the looks of it, it is here to stay.

3 High Demand Metaverse Jobs in Future That Your Kids Should Look into

3 High Demand Metaverse Jobs in Future That Your Kids Should Look into

It’s no wonder why Jumpstart Media named “metaverse” one of the top emerging trends and technologies to look forward to in 2023. With an expected compound annual growth rate (CAGR) of 39.4% from 2022 to 2030, Grand View Research forecasts that the global metaverse market is set to expand exponentially. From fashion shows, gaming, luxury products, sports and travel to art, many industries are tapping into the metaverse’s potential.

4 Most Anticipated Tech IPOs of 2023

4 Most Anticipated Tech IPOs of 2023

The technology industry has been a driving force in shaping the global economy for decades and the initial public offerings (IPOs) of technology companies are often highly-anticipated events. In 2022, the tech IPO market saw a slowdown compared to the previous year, 2021.

5-Luxury-Items-That-Are-Worth-the-Investment

5 Luxury Items That Are Worth the Investment

The world of luxury items is one of elegance and exclusivity, with their value increasing as time passes. They are unattainable and highly coveted by the masses. Plus, luxury products have a Veblen effect on the market—as their price rises, their demand does, too.

How Do You Know When to Give Up on Your Startup?

How Do You Know When to Give Up on Your Startup?

Starting a new business is never an easy task. You put your heart into it and spend countless hours working on what you believe will make someone happy or solve society’s problems. But sometimes, startups don’t work out as planned—this can be both disheartening and discouraging.