Pomp Investments founder Anthony Pompliano analyzes the ‘monetary and technology revolutions’ in bitcoin and other cryptocurrencies.
Tesla CEO Elon Musk and Jack Dorsey on Monday traded a back-and-forth on Twitter appearing to mock the idea of a forthcoming “Web3,” a buzzword in tech used to describe the next evolutionary phase of the internet.
“Has anyone seen web3? I can’t find it,” Musk tweeted.
Jack Dorsey, left, and Elon Musk. (Reuters)
“It’s somewhere between a and z,” replied Twitter’s former CEO, seeming to make a thinly-veiled jab at a16z, a venture capital firm that has invested heavily in blockchain and cryptocurrencies.
The term “Web3” is used broadly to refer a decentralized internet that will run on the record-keeping technology blockchain, rather than on centralized services.
FILE: The Bitcoin logo appears on the display screen of a cryptocurrency ATM at the Smoker’s Choice store in Salem, N.H. (AP Photo/Charles Krupa, File)
In this model, users would have ownership stakes in platforms and applications and would supposedly contrast with today’s model – Web2 – where a few major players like Facebook and Alphabet’s Google control the platforms.
Musk’s and Dorsey’s tweets sparked a debate among critics who disagreed with their conclusions on Web3.
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Dorsey later downplayed the notion that Web3 will ever be truly decentralized as venture capital firms and their limited partners will be in the driving seat.
FILE: Representation of cryptocurrency Binance Coin, the native token of the cryptocurrency exchange, is seen in this illustration taken November 29, 2021. (REUTERS)
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“It will never escape their incentives. It’s ultimately a centralized entity with a different label,” Dorsey tweeted. “Know what you’re getting into…”