Elon Musk and Jack Dorsey are optimistic about Web 3.0?

Tesla CEO Elon Musk and Twitter co-founder Jack Dorsey, two of the world’s most well-known tech billionaires, have been discussing a possible future generation of the internet called “Web3” this week.

Web3, or Web 3.0, has been touted by supporters as a decentralized version of the internet based on blockchain, the technology behind many major cryptocurrencies and nonfungible tokens, or NFTs. Around the world, a slew of entrepreneurs is attempting to design and construct the technologies and protocols that will support Web3.

Web3 supporters say that today’s online platforms are too centralized and dominated by a few giant internet businesses, such as Amazon, Apple, Alphabet, and Facebook parent company Meta.

What is Web 3.0?

Web 3.0, often known as ‘Web3′, is the latest buzzword in the tech, cryptocurrency, and venture capital industries, and is widely viewed as the internet’s future.

In this version of the internet, which is powered by blockchain and crypto technology, users will be able to access the internet directly without the use of middlemen or third parties such as Google, Twitter, or Facebook.

Web 3: next generation of internet

In layman’s words, it is referred to be the “third generation” of the internet. Web 1.0 (now known as the World Wide Web) was released in 1989. In 1999, the Web’s second-generation debuted. Web 3 is increasingly being referred to as the “next internet.”

Web3 will enable internet users to access a multitude of channels, including social networking, email, online commerce, and more, from a single, personalized account. According to an NPR story, all of these acts would be part of a public record enabled by blockchain to ensure transparency.

On the new web, new search engines, social networks, online companies and marketplaces, and other services will replace old ones. These will be decentralized and based on blockchain technology.

As a result, rather than being owned and managed by enterprises, these platforms will be used and managed collaboratively by internet users like you and me.

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing