What Elon Musk believes about the future of the Internet

If you are a tech enthusiast, you may have come across the term "Web3" lately. Like our devices, the Internet is also evolving, and a new word, "Web3," is being launched a lot, especially by investors and cryptocurrency entrepreneurs. However, some find it a "buzzword" that stands out without context. One of them is Tesla CEO and Time 2021 person of the year Elon Musk, who recently called Web3 "BS."

Simply put, Web3 is the evolution of the "world web" that now includes blockchains, the technology behind cryptocurrencies such as ethereum, bitcoin, and more. It can also apply to the metaverse, another avenue popularized by Mark Zuckerberg of Meta. It means that people now have equal ownership of their internet presence instead of being a bystander. In that case, Web1 is understood as the age of the Internet in which people with technical knowledge put information online in a decentralized way. Web2, which became popular in the late 90s, allows people to create content online under a tech banner where all data is stored in a centralized hub.

In his latest tweet, Musk reiterates that "I'm not suggesting web3 is real – seems more marketing buzzword than reality right now – just wondering what the future will be like in 10, 20 or 30 years. 2051 sounds crazy futuristic!" However, the tweet indicates that the concept could become a reality, and Web3 full potential could be unlocked soon, say in 2051. To prove his point, he attached a clip from angel investor Jason Calacanis showing the old interview of Bill Gates with David Letterman. In the interview, Gates explains the Internet concept (essentially Web1) by saying that it allows users to access the content at any time. Calacanis agrees with Gates since the Internet allows anyone to post anything with almost no access control. Since more than 20 years have passed since the internet is only about publishing content, Web3 will be much more than blockchains and metaverses when full potential is unlocked, the tweet indicates.