02 December 2021 10:48, UTC
Reading time: ~ 2 m
Despite the general enthusiasm for the new Web3 technology, Elon Musk expressed doubts and pointed out its shortcomings.
Elon Musk criticized Web3 technology, which former Y-Combinator president Sam Altman praised in his most recent Twitter thread.
In the first conversation, the CEO of OpenAI said he expects the average return on investments made in the 2020s to decline much worse than in the 2010s. But at the same time, Altman noted that Web3 technology has the potential to bring investors the returns that the markets faced back in 2010.
Elon Musk hastened to criticize Altman’s position, implying that Web3 will not be as revolutionary as investors and the general public expect. Moreover, he has already pointed out that the technology introduced for the general consumer will play a cruel joke with him. We have been observing the degradation of society for a long time, the departure of people from generally accepted values. Just imagine what will happen if for a comfortable life you just need to connect to the general network every day and play the chosen role, but every evening you return to reality and feel like nothing.
However, from a technical point of view, the technology deserves close attention, and it will not soon turn into such a dystopia.
“Web3 technology” is generally considered to be the creation and development of decentralized online ecosystems operating on a decentralized blockchain. The technology allows you to create applications on its basis that do not belong to anyone.
Web3-based applications enable users to profit from either developing or supporting those applications, services, or solutions. Technology gained a large share of its popularity after the decentralized finance industry began to grow exponentially.
Posted by Newt Salamander, Analyst at Freedman Club Crypto News
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