Web3 Gets Big Tech’s Attention

Web3 Could Decentralize the Internet

Web3, a futuristic, decentralized internet powered by blockchain, has received a lot of attention in recent days with Tesla (TSLA) CEO Elon Musk and Twitter (TWTR) co-founder Jack Dorsey discussing the idea on social media.

Proponents of Web3, otherwise known as Web 3.0, say the internet of today is centralized and controlled by a handful of big internet companies including Meta (FB), Alphabet (GOOGL), Amazon (AMZN), and Apple (AAPL). These behemoths amass tons of data and control much of the content people see online. With a decentralized internet, the power would lie with individuals rather than with big companies.

Web3 Is Still Years Away

The timing of Web3 has been the subject of discussions between tech industry leaders. In a recent TikTok interview, Musk called Web3 a “marketing buzzword” for now. However, he also discussed possibilities around what the internet could look like 10, 20, or 30 years from now. Meanwhile, Dorsey argued that Web3 is already happening, implying that Andreessen Horowitz, a venture capital firm which was an early backer of Facebook, currently controls the market.

That is not what proponents of Web3 want to see happen. They argue that the power of the internet should be given back to the masses, not to VCs and a handful of companies.

Power to the People

Despite outcries by some over Dorsey’s assessment, he is among the individuals who believe Web3 will ultimately be controlled by the VCs and the companies they invest in. After all, the internet plays a huge role in the global economy. Without the internet, everything from nuclear facilities to hospitals could fail.

That makes Dorsey skeptical that a future internet will be controlled by the people, recently saying on Twitter that Web3 will be a centralized internet with a different name. Details about Web3 are still hazy as technology leaders figure out what it may look like. It is likely that speculation about Web3 will continue for some time.

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ABOUT Meg Richardson Meg Richardson is a writer specializing in markets, technology, and personal finance. She loves breaking down seemingly complex ideas and making them readable and interesting for everyone. She holds an MFA in writing from Columbia University. When she is not writing about finance, she enjoys running in Central Park and drawing cartoons.

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