Elon Musk is not convinced of Web3’s existence

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Recently, Elon Musk tweeted a short video clip showing an interview between Bill Gates and David Letterman in 1995. This tweet was accompanied by the caption ‘Given the almost unimaginable nature of the present, what will the future be?’.

Gates and Letterman discuss the internet in the clip and it’s worth comparing today’s state of affairs to.

A new internet called Web 3 is on the way. It’s a decentralized, more open and efficient version of the current internet based on blockchain technology. And things like nonfungible tokens will be powering it. Web 3.0 is an internet of the future which will be underpinned by blockchain technology and native cryptocurrencies. Instead of having powerful companies control your online experience, it will allow you to own and control your own data.

Elon Musk is not convinced of Web3’s existence

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But as far as Musk is concerned, Web 3.0 “seems more like a marketing buzzword than a tangible reality right now.” He tweeted this idea over the weekend.

Many people think that Elon Musk is right in saying that web3 is, at the moment, little more than a buzzword. It might not be fully realized just yet.

Supporters of the decentralized Web3 envision ways that AI and distributed ledgers could both work together. You can see these patterns as tentative steps towards a decentralized future in the DeFi, DAO, and NFT spaces. Despite some backlash from their users, Kickstarter & Discord have begun to build web3.0 into their platforms

However, the idea of a fully decentralized and private version of the internet is still far away. We’re not sure what it would look like and there are many issues to deal with before we can implement it.

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