For Elon Musk, the Web3 doesn’t exist yet
For Elon Musk, the Web3 doesn’t exist yet
Fintech

For Elon Musk, the Web3 doesn’t exist yet

By Marco Cavicchioli - 21 Dec 2021

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According to Elon Musk, Web3 does not exist. 

Elon Musk: Web3 is a matter of marketing

Or, better, according to Tesla CEO, Web3 doesn’t exist yet because today it would be only a word used for marketing purposes. 

Musk, however, wonders how the future will be in 10, 20, or 30 years, clearly indicating an evolution that could also be brought in the future by Web3. 

The reply of Jack Dorsey

However, Jack Dorsey disagrees, so much so that he responded to Musk by saying that he believes that basically, Web3 is everywhere. 

With “Web3,” we mean the new evolution of the Internet, after the so-called Web 2.0 of social networks. This latest evolution should be more based on decentralized and open-source protocols, unlike social networks that are centralized and closed source. 

Jack Dorsey, the founder of the famous centralized social network Twitter (great protagonist of Web 2.0), is now a great supporter of Web3, but in fact, it must be admitted that Elon Musk has a point in saying that Web3 to date is still not seen much around. 

Decentralized protocols actually in use by ordinary citizens are very few, and the same Bitcoin, the main protagonist of this revolution, has numbers still very distant, for example, even only compared to Twitter, which is certainly not the most used social network in the world. 

Dogecoin Elon Musk
Elon Musk supports Dogecoin

Elon Musk, Dogecoin, and decentralization

One thing, however, extremely curious is that Musk supports the Dogecoin project, which in theory would be a decentralized project that could have some role in the Web3. However, to date, Dogecoin is primarily a speculative cryptocurrency, with very few real use cases, not even particularly widespread. 

For example, rarely are more than 25,000 transactions per day recorded on the Dogecoin blockchain worldwide, compared to around 250,000 for Bitcoin and even 1.25 billion for Ethereum. Moreover, these volumes do not include BTC transactions on Lightning Network. 

As far as Dogecoin is concerned, the current status is still clearly just that of a kind of niche experiment that doesn’t seem to make a difference yet. As for Bitcoin and Ethereum, instead, they are already making a difference, especially in countries like El Salvador, where Bitcoin is official legal tender. 

However, it remains doubtful that Web3 may not have some kind of significant role in the evolution of the Internet in the future. Musk himself actually admits this, though he doesn’t go out of his way to say what role it will be and how much it will impact. 

 

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

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