Musk’s tweet drew attention to the latest tech trend – Web 3. But, wait, what exactly is Web3?
First, know that with all the focus around the blockchain and the Metaverse, Web 3 is the new hot thing getting attention from growth investors and crypto enthusiasts alike.
Musk may not be such a fan.
He criticized Web 3 in a tweet reply to the CEO of OpenAI Sam Altman. Altman suggested that Web 3 projects would fare better than the rest of the market. Musk apparently disagreed, even calling Web 3 “BS”.
Web3 sounds like bs
— Elon Musk (@elonmusk) December 2, 2021
What Is Web 3?
Web 3 references a model of the Internet which aims to show its past (and future) evolution. According to the model, the internet will go through three phases.
Web 1 was all about static websites that users could find and read. However, ordinary users were mostly consumers of content. Hosting a website required some technical knowledge.
That’s when Web 2 came in, which is the current iteration of the Internet. Web 2 is all about giant platforms like Facebook, Youtube, Amazon and Twitter which facilitated user interactions. They also allow users to share their opinions, sell goods and services etc.
However, the platforms are centralized. This means that the corporations behind them are in full control of what users can and can’t do.
That is the problem that Web 3 aims to solve. Namely, it promises to decentralize the Internet. Instead of relying on giant tech companies, the new Internet would run on a blockchain network.
The network would serve as a sort of a decentralized platform, making control more dispersed among the community.
Moreover, Web 3 projects are already in development. For example, the co-founder of Reddit has partnered to invest $100 million in a blockchain social media project.
Musk’s Brother Involved In Web 3
Musk’s comments are especially strange as his brother, Kimbal Musk, launched a Web 3 project himself. The project, Big Gren DAO, is about building a Decentralized Autonomous Organization (DAO) for philanthropy.
Big Gren DAO aims to democratize and decentralize philanthropy to empower organizations to bring food to the hungry. Kimbal Musk specifically mentioned Web 3 in relation to the project.
“Everyone on #Web3 has been awesome and we could not have asked for a more warm welcome,” he said.
In one of his tweets, Kimbal Musk even mentioned “older people,” who just couldn’t get it. Amusingly, Kimbal Musk is 49, and just a year younger than Elon.
Web3 reminds me of 1995 Internet days. So many older people (younger than I am now) just could not get it. It was clear as a bell to 22yr old me. Now I understand those older people better and I'm working as fast as possible to be a better old person🤣https://t.co/ROTFnFNb7s
— Kimbal Musk (@kimbal) November 29, 2021
Elon’s brother is a restaurateur, who owns Kitchen Restaurant Group operating in the U.S. He has invested in Elon’s projects, including SpaceX, even when the company’s prospects were not considered ideal.