Is Web 3.0 coming to reality?
Talks about Web 3.0 as the future of internet technology have been making waves. Web 3.0, also known as the decentralized web, is the next phase of the internet powered by machine learning, artificial intelligence, and the most common being blockchains to achieve real-world communication. Web. 3.0 is built on connecting data in a decentralized way that promotes openness and greater user utility. Decentralization means that there is no permission needed from a central authority to post on the web.
Blockchains are the most common foundation of Web 3.0, Ethereum, which co-founder Gavin Wood coined in 2014, is one of the most popular. The idea of Web3 started to gain more interest this year from tech companies, venture capital firms, and cryptocurrency enthusiasts. Recently, Tesla (TSLA) and Twitter (TWTR) chief executives Elon Musk and Jack Dorsey shared their insights.
According to Musk, the concept of Web3 sounds more like a “marketing buzzword” than reality. “I’m not suggesting web3 is real, and 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!” Musk said. “Has anyone seen web3? I can’t find it,” he tweeted.
While Web3 is envisioned to be an open space and no company has control over it, Dorsey argued that in the end, it would end up being owned by venture capitalists. “You don’t own “web3,” Dorsey said. “The venture capitalists and their limited partnerships do, and it will never escape their incentives. It’s ultimately a centralized entity with a different label,” he added. On the other hand, En Canada, a community leader for Wonderverse, said Web3 is particularly important for the future generation. “Millennials and Gen Z, who make up the majority of Web3, want to feel belonging at work and the respect and boundaries to work autonomously. Web3 companies are poised to capture much of the young talent since Web3 ethos is about collaboration, cooperation, and reciprocity.” Canada said.