Web3 Technology Condemned By Elon Musk - Know Why?

Web3 Technology Condemned By Elon Musk - Know Why?

2021-12-03 | Eddy Morgan

Web3 Technology Condemned By Elon Musk - Know Why?

Elon Musk points a finger at Web3, a technology applauded by former Y-Combinator president Sam Altman in a recent discussion over Twitter. The OpenAI CEO stated in the first thread that he expects a substantially lower average return for investments made in the 2020s than in the 2010s. However, Altman pointed out that Web3 technology might potentially provide investors with the returns that markets experienced in 2010. Elon Musk jumped to Altman's defense, pointing to Web3 technology and indicating that it will not be as transformative as investors and the general public expect. The invention and development of decentralized online ecosystems dependent on a decentralized blockchain can sometimes be referred to as "[Web3] technology." It is possible to construct apps on top of technology that is not owned by anyone. Web3-based apps allow users to profit from the development or maintenance of those applications, services, or solutions. After the decentralized finance industry began to grow quickly, the technology gained a lot of traction.

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