Elon Musk chastised Web3 on Twitter in reaction to OpenAI CEO Sam Altman’s post. Musk dubbed the space programme “BS.”
Elon Musk re-ignited the debate by tweeting on December 2 that “Web3 seems like bs.” Musk was replying to a conversation on Twitter started by OpenAI CEO and former Y Combinator president Sam Altman, in which he discussed venture capital investments.
Altman was speculating on the expected returns on venture capital investments. He forecasts that the following decade will be much less profitable than the 2010s.
However, he concludes his discussion by stating that Web3 may still provide the same kind of returns that it did in the previous decade. Musk definitely does not believe that, yet based on previous remarks, he seems to be relatively receptive of the cryptocurrency industry as a whole.
Musk’s statements are certain to enrage the crypto community, which has already rejected them as just another provocative tweet. The crypto community is adamant about decentralising the internet, which Web3 is attempting to do.
This is not the first time Musk has made a contentious remark about cryptocurrency. At least in comparison to his previous Dogecoin statements, this is a rather modest statement by his standards. However, it’s difficult to characterise Musk’s position as anything other than unusual – he even said that the United States government should not oversee the cryptocurrency business.
Web3 is widely regarded as one of the most promising concepts to emerge from the cryptocurrency field. Numerous feasible alternatives are available on the market, including decentralised domain name services such as Unstoppable Domains.
This prevents websites from being censored, and in general, preventing censorship is key to Web3’s broader ethos. Enhancing identity privacy, security, and control is also a critical component of Web3’s overall objective. Numerous initiatives are pursuing such solutions and have made significant progress.
Web3 has also made significant strides in terms of acceptance. Revenue generated by the Web3 protocol has been increasing in recent months, according to Web3Index. Although the general Web3 architecture is still in its infancy, recent technology advancements have aided in increasing speed and functionality.
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