"Has anyone seen web3? I can’t find it," Musk tweeted.
"It’s somewhere between a and z," Twitter's former CEO responded, seemingly making a barely veiled dig at a16z, a venture capital firm that has aggressively invested in blockchain and cryptocurrency.
The phrase "Web3" is used generically to refer a decentralized internet that will run on the record-keeping technology blockchain, rather than on centralized services.
Users would own platforms and applications under this paradigm, which is said to be in contrast to the current Web2 approach, in which a few significant corporations like Facebook and Alphabet's Google control the platforms.
The tweets of Musk and Dorsey ignited a debate on Web3 among critics who disagreed with their conclusions.
Later, Dorsey dismissed the idea that Web3 will ever be genuinely decentralized, claiming that venture capital firms and their limited partners will be in control.
"It will never escape their incentives. It’s ultimately a centralized entity with a different label," Dorsey tweeted. "Know what you’re getting into…"
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