Here's What Elon Musk Thinks About the Future of Internet

If you’re a tech enthusiast, chances are you may have come across the term ‘Web3’ lately. Just like our gadgets, the internet is also evolving, and a new term ‘Web3’ is being thrown around a lot, especially by cryptocurrency investors and entrepreneurs. However, some find it a “buzzword” that comes into prominence without any context. One of those is Tesla CEO and Time’s person of the year 2021, Elon Musk, who recently called Web3 ‘BS.’

To put it simply, Web3 is the evolution of the ‘world wide web’ that now includes blockchains – the technology behind cryptocurrencies like ethereum, bitcoin, and more. It can also apply to the metaverse – another avenue popularised by Meta’s Mark Zuckerberg. It essentially means that people now have equitable ownership of their presence on the internet rather than being a spectator. In that case, Web1 is understood as the internet era where people with technical know-how put information online in a decentralised way. Web2, which got popular in the late 90s, lets people create content online, but under a tech banner where all data is stored at a centralised centre.

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In his latest tweet, Musk reiterates that Web3 is not exactly real, and seems “more marketing buzzword than reality right now.” However, the tweet indicates that the concept could become a reality, and the full potential of Web3 might be unlocked in the near future, say 2051. To prove his point, he attaches a clip by angel investor Jason Calacanis that shows Bill Gates’ old interview with David Letterman. In the interview, Gates explains the concept of the internet (essentially Web1) by saying it allows users to access content at any point in time. Calacanis agrees with Gates as the internet allows anyone to publish anything with almost no gatekeeping. Given that it’s been over 20 years since the internet was only about publishing content, Web3 will be much more than blockchains and metaverses when the full potential is unlocked, the tweet indicates.

Similarly, former Twitter CEO Jack Dorsey also weighed in and has been suspicious over ‘Web3.’ His latest tweet indicates that the internet is never fully independent as venture capitalists may also exert pressure passively.

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