The next internet revolution isreportedly upon us, but two of techs leading luminaries wont be in the vanguard.
Their cynicism derives from different concerns.
A bridge to sell you?
Web3 is a nebulous concept with varied definitions which is one factor spurring the cynicism.
Some advocates envision a democratized internet that harks back to the halcyon days of cyberspace.
It’s free, every week, in your inbox.
Thats the idea, anyway.
Yet critics including Musk dispute Web3s very existence.
He soon aimed another broadside at the concept: Has anyone seen Web3?
I cant find it.
Has anyone seen web3?
I cant find it.
Elon Musk (@elonmusk)December 21, 2021
Musks cynicism has sturdy foundations.
Engineers have questioned whether blockchain can provide the spine for a global internet.
Theypoint toenormous hurdles around scalability, control, and adoption that must be overcome.
Among the most prominent cynics is Stephen Diehl, a developer and blogger.
Who owns Web3?
While Musk questioned the very existence of Web3, Dorseys concerns focused on who controls it.
You dont own Web3.
The VCs [venture capitalists] and their LPs [limited partners] do, he tweeted.
It will never escape their incentives.
Its ultimately a centralized entity with a different label.
You dont own web3.
The VCs and their LPs do.
It will never escape their incentives.
Its ultimately a centralized entity with a different label.
His response was a reference toa16z, a venture capital firm thats heavily backed Web3.
I believe in you and your ability to understand systems.
Only that foundation will provide for the applications you allude to.
Dorseys not the only person whos flagged the influence of investors.
Diehl has warned that Web3s being pushedby the worlds largest investors who havedeep bags of tokens to dump.
These remarks reflect wider concerns around the control of cryptocurrencies.
Yet his criticism of Web3 doesnt mean hes shunning decentralized online services.
Musk also hasa long and controversial history of championing decentralized finance.
Story byThomas Macaulay
Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he e(show all)Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he enjoys playing chess (badly) and the guitar (even worse).
