Why Elon Musk HATES Web3
What Is Web3?
Web3 refers to the next version of the internet, which will focus on decentralization and user ownership. Find out how this future development may impact the internet and investing.
Also known as Web 3.0, Web3 is the next major phase in the evolution of the internet. Much like the foundation of cryptocurrency, and helped along by IoT ecosystems, the onset of the metaverse, and the rise of non-fungible tokens (NFTs), this new internet phase will be based upon decentralization, openness, and greater utilization for individual users.
To better understand Web3, it can be helpful to review current and past phases of the internet. Unlike the current Web 2.0 phase, where platforms and apps are owned by centralized entities, such as large tech companies, the Web 3.0 platforms and apps will be developed, owned, and maintained by users.
The coming Web3 iteration of the internet is expected to be more like the initial Web 1.0 phase than the current Web 2.0. Dating back to the 1990s, Web1 was the beginning of the World Wide Web. Like Web3 is expected to be, Web1 was defined by decentralized protocols and individual users.
I’m still cautiously optimistic about web3 in general, and I do think Elon will come around eventually, especially once there are some really popular use-cases out there. Definitely a critical moment for web3, so good luck to all the builders going out there and focusing on actually creating these technologies!