Musk, Dorsey mock Web3 as it gains popularity

• Musk on Tuesday tweeted, "Has anyone seen web3? I can't find it."

• Web3 is a term used for a version of the internet which is based on the blockchain technology

Tesla CEO Elon Musk and Twitter founder Jack Dorsey on Tuesday mocked and criticized Web3 on Twitter.

Musk on Tuesday tweeted, "Has anyone seen web3? I can't find it." To this, former Twitter CEO Dorsey replied, "It's somewhere between a and z."

Web3 is a term used for a version of the internet which is based on the blockchain technology—also used for bitcoin and other cryptocurrencies—and is decentralized. Venture capital firms by Marc Andreesen and Ben Horowitz have been the key supporters of Web3.

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According to the backers, Web3 will give ownership stakes to users in platforms and applications, unlike the Web2 in which only some tech giants control the platforms.

"You don't own "web3,"" Dorsey tweeted on Monday. 

"The VCs and their LPs do. It will never escape their incentives. It's ultimately a centralized entity with a different label. Know what you're getting into…"

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Though the tweet was liked by many users, some also disagreed with it. 

Dorsey responded to one opposing tweet, "We have bigger issues if a tweet stifles hopes and dreams. Currently it's not wrong. Critique can help fix, or divert energy to something more important."

Web3 has been in the focus this year and has also got funding.

Picture Credits: Reuters