The views of the two tech giants seem opposing, but in fact reveal the truth of different aspects of Web 3.0.
Musk bluntly stated on the X platform: "Web 3? Just marketing nonsense." Meanwhile, Jack Ma has long emphasized that "blockchain is not a bubble, but a machine for solving trust." This debate has attracted the attention of the global tech community.
As an analyst who has been navigating the crypto field for many years, I believe this debate is far from simple on the surface. Today, I want to share my observations and thoughts on Web 3.0 from three aspects: practical applications, technical bottlenecks, and future prospects.
01 Conceptual Conflict: The Direct Confrontation between Pragmatism and Idealism
Jack Ma's obsession with 'trust' has nearly run through his entrepreneurial journey. From Alipay's 'escrow transaction' solving the trust issue in e-commerce, to later vigorously promoting the application of blockchain technology in actual business scenarios, his path has always revolved around 'solving practical problems.'
I have carefully studied the landing cases of Ant Chain: cross-border remittances cover over 200 countries, with transaction fees reduced by 80%, and the time for funds to arrive shortened from 3 days to 3 seconds. Hangzhou's 'blockchain property certificate' has compressed the transfer time from 5 days to 2 hours.
These cases indicate that the blockchain advocated by Jack Ma is pragmatic, focusing on optimizing the existing commercial system rather than overturning it.
Musk's criticism of Web3 carries his signature rebellious tone. He does not question blockchain technology itself, but the current hype and conceptual bubble in the Web3 field. He sharply points out that some Web3 projects are 'Ponzi schemes wrapped in blockchain.'
From the industry data I have tracked, Musk's criticisms are not unfounded. The trading volume of the NFT market has plummeted by 92% from its peak in 2021, and a certain celebrity NFT has dropped from $23 million to $12,000. There are about 50 million Web3 wallet users globally, but less than 10% are active monthly.
02 Ideal vs. Reality: The Beautiful Promise and Harsh Reality of Web3
The core promise of Web3.0 is to return data ownership to users. Ideally, the content you create, social relationships, and digital assets will be completely under your control, no longer 'kidnapped' by big platforms.
This vision was first proposed by Ethereum co-founder Gavin Wood in 2014, with the basic logic being user autonomy and decentralization.
However, the reality is that current Web3 applications have three major pain points:
The threshold for use is too high. Creating a wallet, purchasing gas fees, and remembering mnemonic phrases are 10 times harder for ordinary people than registering for WeChat. I have personally seen how many newcomers permanently lose their assets due to operational errors.
The experience is poor. An Ethereum transfer can take 10 minutes, and the transaction fee is sometimes higher than the transfer amount. This experience cannot support large-scale commercial use.
Regulatory void. A certain exchange ran away with 20 billion, and victims have no recourse, because 'decentralization' means no one is responsible.
Currently, the Web3 projects that can really be implemented are mostly compromise solutions between centralization and decentralization. Even the blockchain praised by Jack Ma is actually a consortium chain—80% of the nodes are on Alibaba's servers, which is far from the 'decentralization' pursued by Web3.
03 Prospects and Challenges: The Future Path of Web3.0
The development of Web3.0 requires the maturity of multiple conditions: the improvement of technology represented by blogging technology, the popularity of virtual currencies, and the recognition of online wealth and solutions for online financial security.
Web3.0 is currently in an exploratory period of combining technology and applications. Historically, it has gone through the embryonic stage (2006-2007), development stage (2008-2016), stagnation stage (2017-2020), and is now entering a stage of re-development (2021-2022).
In my view, the true value of Web3.0 lies not in creating new speculative tools, but in building the next generation of internet infrastructure. This requires the integration and innovation of a series of technologies, such as blockchain, artificial intelligence, and virtual reality.
Web3.0 will establish a reliable social network service system, manageable VoIP and IM, controllable Blog/Vlog/Wiki, achieving an orderly and effective combination of digital communication and information processing, networking and computing, and media content and business intelligence.
04 Opportunities and Risks for Ordinary People: My Advice
In the face of the wave of Web3.0, I advise friends to remain rational and distinguish between technological value and speculative hype.
For risk-averse individuals, my advice is simple: stay away from any 'high-yield' Web3 projects, as 99% are scams. Don't be deceived by stories of getting rich overnight; remember: if it sounds too good to be true, it probably is.
For adventurers willing to explore, you can invest spare money in Ethereum, Solana, and other time-tested public chains, staying away from 'air coins.' But at the same time, have a clear understanding: this is still a high-risk field, and only invest funds you can afford to lose completely.
Truly understanding Web3.0 requires continuous learning and practice. Try creating a digital wallet, experience decentralized applications, and participate in some community discussions. Only through personal experience can you form your own independent judgment, rather than being swayed by various hype information.
In the next ten years, Web3.0 may gradually move from concept to application, but the process will certainly not be smooth. The cycle of technological change often takes longer than expected, today's bubble may burst, but true innovation will remain after undergoing baptism.
In the face of this trend, we neither need to blindly endorse it nor completely deny it. Keeping an open mind, observing rationally, and participating cautiously—this is the wise attitude to respond to technological change.
The practical applications of blockchain that Jack Ma focuses on and the conceptual hype criticized by Musk actually reveal two sides of the same coin: Web3.0 contains both real technological innovation and a large amount of market bubble.
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