The Internet Revolution Is Coming, But Crypto Advocates Are Skeptical About It

Tesla CEO Elon Musk and Twitter co-founder Jack Dorsey are two of the world's most famous tech billionaires expressing their thoughts on a hypothetical new version of the internet: Web3.

Source: InfinityWeb

Despite being a vague concept, Web3 has been hailed as a decentralized version of the internet based on blockchain, the technology behind many cryptocurrencies and NFTs (non-fungible tokens). Many entrepreneurs around the world are trying to design and build the technologies and protocols that support Web3.
Web3 advocates argue that today's online platforms are too centralized and controlled by internet giants such as Amazon, Apple, Alphabet (Google’s parent company) and Meta (Facebook’s parent company). These companies have stored large amounts of data and shared content on the internet.
On December 19, Elon Musk posted on Twitter an interview between Bill Gates and David Letterman in 1995 with the caption: "Given the almost unimaginable nature of the present, what will the future be?".

Source: Twitter

Elon Musk doesn't consider Web3 real, believing it to sound more like a marketing buzzword than what it really is. A day later, he continued to ask: "Has anyone seen Web3? I can't find it".
While Musk is skeptical about the existence of Web3, Jack Dorsey is interested in who controls Web3. He hinted that Web3 is now under the control of American venture capital firm Andreessen Horowitz.
"It's somewhere between A and Z," said Dorsey, who recently stepped down as Twitter CEO to focus on digital payments company Block.
Web3 advocates essentially want to see the power of the internet in the hands of users, not venture capitalists. They believe that a few companies and investors cannot manage all of Web3, because it is too big and important.

Source: Twitter

However, Dorsey believes venture capitalists and their partners will eventually own Web3. He said: "It will never escape their control. It’s ultimately a centralized entity with a different label."
Billionaire Jack Dorsey's tweet immediately created a wave of backlash. Some commented that he had made a "fatal mistake" and others expressed disagreement.
In addition to the internet, decentralized finance (DeFi) is also being promoted by crypto businesses and fans like Bitcoin and Ether. A similar trend is occurring in the energy sector. All energy was previously generated by a few companies and resold to the masses. Now, some people are taking control of their own energy needs and making them more decentralized.
H/T: CNBC