Does Elon Musk Support The Idea Of Web3?

Elon Musk is an “eccentric billionaire” with a huge Twitter following. We have witnessed Bitcoin going double and dropping half due to his “we’re buying” and “no, we’re not” thing. Elon had his concerns about Bitcoin’s Proof of Work mechanism which is harming the environment due to the huge energy consumption – that’s a separate debate though. 

The point is that Mr. Musk is an influential man, particularly in the blockchain space. He has pumped Dogecoin over a 1000% and he’s still backing up the project openly. Elon Musk has recently been very vocal about Web3 but before we get into that, let’s first understand – what is Web3?

related: Gen-Z’s Place in Web3 and Cryptocurrency World

What is Web3?

Web 1.0 was the first internet we interacted with. Those web pages were more read-only, requiring no input from users. Then we encountered Web 2.0 which took input from users and provided the results correspondingly. This includes Facebook Google Search Engine and YouTube.

Now comes Web3, which is more intelligent and interactive in every way claiming to provide users the controls instead of VCs and LPs. Web3 offers users to post the data without any fears of sponsorship. If Web3 offers so much freedom, why does Elon Musk have concerns?

Elon Musk and Web3

Elon Musk calls Web3 nothing more than a „Marketing Buzz word“. The Tesla CEO took Twitter to opine about the topic, disappointing many Web3 preachers. 

I’m not suggesting web3 is real – seems more marketing buzzword than reality right now,” he said in a reply to a Tiktok video shared by him where Bill Gates was being ridiculed on the Internet. “Just wondering what the future will be like in 10, 20, or 30 years. 2051 sounds crazy futuristic!” He added.

Elon Musk is, no doubt a tech guy, and being a chief Engineer at Tesla, he understands the niches more than most of us do. Unfortunately, he is not the only one having concerns over Web3. Jack Dorsey, the former CEO of Twitter believes that Web3 will not be as decentralized as the Web3 preachers claim it to be. “You don’t own Web3”, he Tweeted.

Gen Z is born with the internet and mobile phones and they’re more than concerned about the restrictions posed on Web2. Web3 could be a way forward to the future and it can bring value with metaverse support. Interestingly enough, both Elon Musk and Jack Dorsey love cryptocurrencies and believe in the potential this decentralized world has. However, their concerns over Web3 have made people cautious and it’s become difficult for Web3 to raise funds.

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sources: twitter, cnbc

author: Rene Remsik, mnmansha

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.