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Why Are Elon Musk and Jack Dorsey Against the Web3?

by samjefferson
Elon Musk and Jack Dorsey

On Twitter, Elon Musk referred to Blockchain and Web3 as “future internet platforms” and drew a broad response from his followers. While Musk’s tweets triggered a firestorm of debate among critics, Dorsey defended the Web3 as a “future internet” and pointed to its importance. However, Musk’s tweets left many wondering why he’s so skeptical of Web3 and its advocates.

While Elon Musk and Jack Dorsey Twitter’s founder are proponents of Web3, Dorsey’s recent resignation is not related to the project. Dorsey is a crypto enthusiast and backed a project to develop a decentralized protocol that could host any social media platform. Dorsey said Twitter could one day be one of these decentralized platforms.

Despite this apparent contradiction, Web3 is a real thing. While some people question the need for decentralized internet platforms, engineers have pointed out several challenges to the technology. And critics say the Web3 is a distraction from the real issue: the regulation of crypto assets. In short, Web3 is a “new Internet.”

As Tesla and Square CEOs pointed out on Tuesday, the web3 is a centralized entity hiding behind a different label. Web3 has a cap table structure with corporate incentives. The VCs who fund these projects have enormous power and incentives. It’s essential to keep these distinctions in mind when discussing the web3 model. It’s essential to understand the differences between Web3 and its predecessors before deciding on the future of the internet. Remember to read NFT Politan news regularly to stay abreast of new developments in the field.

While Web3 is a new Internet, many of the current blockchain networks don’t have the same distribution of ownership and are dominated by early adopters and venture capitalists. Web3’s governance structure could be the difference between success and failure. It could be an excellent future for the internet, but if the venture capital industry dominates it, it will likely be controlled by big players. Nevertheless, it may be the perfect future for the web. Only time will tell.

Ultimately, the Web3 concept is a good thing. It takes away some of the power from corporations and tech giants. In the future, the Web3 will be built on a decentralized platform, where users earn tokens to have a say in its infrastructure. However, these companies are fighting for their business interests. It is good that Elon Musk and Jack Dorsey are on the same side. It’s also an important argument to make before a final decision.

But, if it works, the Web3 project could create a decentralized new type of web. But a key challenge is how to build decentralized tools. “It’s not easy to make decentralized tools,” said Ursula O’Kuinghttons, director of public relations at Parity Technologies, which is involved with the Web3 Foundation.

Former Twitter CEO Jack Dorsey has sent out spicy tweets about Web3 and its supporters. The Wall Street Journal article titled him “unlikely revolutionary” was a clickbait piece. Dorsey has stated that the proposed Web3 will be the same as Bitcoin, a centralized entity. His tweets are also based on the misconception that Bitcoin is the future of the internet.

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