Billionaires Elon Musk and Jack Dorsey dismissed the so-called Web3 and criticized the involvement of venture capital firms such as Andreessen Horowitz in building out what some have called the next phase of the Internet.
Web3, a vague term for a utopian version of the Internet that is decentralized, is based on digital record-keeping technology blockchain, which also drives the platforms running cryptocurrencies such as bitcoin and ether.
