Web3, Elon Musk, Jack Dorsey, and the Latest Internet Drama

Something new is driving drama on Twitter and among billionaires and the internet elite. It's caused Marc Andreessen, co-founder of Netscape, to block Jack Dorsey on Twitter. The center of the drama is Web3.

What Is Web3?

Web3 is a new iteration — or at least the idea of a new iteration — of the internet. To understand what it is, a basic understanding of the history of "versions" of the internet is required.

Initially, the internet existed in a form for reading or receiving content. Large gatekeepers like AOL presented curated content to users, who could view and read it. Interaction was mostly limited to emails and chat rooms. This might be considered Web 1.0.

Over the years, the internet evolved to allow anyone to publish their own content. It became more of a read/write situation, and this can be considered Web 2.0. In it, everyone who wants has a voice but generally little to no power over the protocols of how the platforms are run.

Today, blockchain is making ownership of the internet possible. Individuals may be able to purchase the power to vote on and control web protocols, and many tech gurus believe Web 3.0 can lead to shifting internet power from tech giants like Google and Facebook to the people.

Why Can't People Agree on Web3?

Not everyone believes the shift in power will be to the people. Jack Dorsey, Twitter's former CEO, has been quite vocal about what he views as a flaw of Web3. He doesn't think the power will shift to the people; he believes venture capitalists will end up owning it all — or almost all.

In fact, Dorsey has hinted that Andreessen Horowitz, a venture capitalist firm, may already own a lot of it. That may be what led Marc Andreessen to block him on social media.

Dorsey's tweets on the subject have garnered numerous responses, with many disagreeing with him. He did clarify that his problem was with venture capitalists and not Web3 concepts themselves.

Meanwhile, Elon Musk weighed in with some lighter tweets, saying that at this point, Web3 didn't even exist and was more of a buzzword.

Supporters of Web3 want to decentralize power and put it in the hands of the people. Similar desires can be seen with regard to finance and utilities.