May 27, 2022

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Which Web 3 is causing the most controversy among tech giants?

Seven years after its appearance, the concept of Web3 reached its peak in popularity in 2021, while still causing controversy among users of the global computer network. In recent days, a series of discussions about the very idea of ​​Web3 questioning its feasibility have raged with some tech billionaires, such as Tesla and SpaceX CEO Elon Musk, and former Twitter CEO Jack. Dorsey.

Internet Evolution

The concept, which was coined by the co-founder of cryptocurrency Ethereum, Gavin Wood, in 2014, points to the existence of two other eras of the Internet, Web 1.0 and Web 2.0Which will be replaced by the third generation due to its limitations, according to reveal Propio wood is wired.

Web 1.0, the original and most basic version of the Internet, allowed for little interaction, limiting most activity on the Internet to browsing and reading static pages. For its part, the current generation Web 2.0 has been translated into a more interactive and social Internet, marking the starting point of an era central With a small group of companies and tech giants owning most of the platforms and subject to a limited number of central government regulators.

decentralized network

Unlike its predecessors, Web3 or Web 3.0 promises to offer a file decentralized system Controlled by consumers and not by large corporations, users can interact and transfer data freely.

The concept of Web3 evokes a new generation of the Internet based on block chain, which is a structure consisting of elements containing encrypted data about each transaction, through which non-fungible tokens (NFTs) operate. This database would help keep the data free and distributed among peer-to-peer networks.

The concept depends, to a large extent, on Cryptocurrency, which would act as incentives for those who wish to participate in the creation and development of the new network, a fact that would help remove middlemen from the process.

Elon Musk shares a 25-year-old video explaining Bill Gates "madness" The Internet before mocking the interlocutor

“Business word for marketing”

Before it became a reality, the concept was the subject of severe criticism, due to the impossibility of its supposed application. This week, former Twitter chief Jack Dorsey, claimed That Web3 is actually ‘a A central entity with a different name“.” You do not own Web3. The real ones are the venture capitalists and their limited partners. “He will never escape your impulses,” he said.

For his part, Elon Musk books On his Twitter account, Web3 appears to be “nonsense”, and currently, sound more like “Marketing “buzz” of fact.