Elon Musk and Jack Dorsey are right to raise concerns about Web3

The next internet revolution is reportedly upon us, but two of tech’s leading luminaries won’t be in the vanguard. Tesla tycoon Elon Musk and Twitter founder Jack Dorsey have both put the brakes on the momentum around Web3, the somewhat vague vision of a decentralized internet. Their cynicism derives from different concerns. Dorsey says that Web3 is ultimately a centralized entity, while Musk has implied that it’s driven by hype over substance. A bridge to sell you? Web3 is a nebulous concept with varied definitions — which is one factor spurring the cynicism. Some advocates envision a democratized internet that…

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