Twitter co-founder and former CEO Jack Dorsey recently blasted the massive involvement of venture capital firms with Web3 technology, calling it another “centralized” movement.
In a tweet today, Dorsey opined that Web3, the term used for a new blockchain-based decentralized system that intends to replace the internet, might not meet the expectations of its proponents, which is to bring back ownership of information to the people.
Jack Dorsey: Web 3.0 is ‘Centralized’
According to Dorsey, despite popular opinion that Web3 is owned by the people, it will just be another “centralized” entity owned by venture capitalists and their limited partners, just like the internet as we know it today.
Dorsey warned that people should be aware of what they are getting into, adding that Web3 will not escape the influence of these VCs.
“You don’t own “web3.”
The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.
Know what you’re getting into…”
Dorsey Faces Backlash Following Web3 tweet
The tweet quickly garnered thousands of comments and triggered a massive backlash from the Twitter community, consisting of developers who are relentlessly working towards the development of Web3 and ridding it of the influence of VCs.
Within a short while, the conversational thread became heated with several conflicting opinions, with some accusing Dorsey of stifling the hopes and dreams of those working towards Web3 development, some pointing out that he has no way of knowing exactly what is going on with Web3, others calling him a Bitcoin maximalist, and yet some in support of him.
Even Tesla boss Elon Musk joined in on the debate, jokingly asking if anyone had seen Web3. In reply, Dorsey said, “It’s somewhere between A and Z.”
Several speculations have arisen as to what Dorsey’s reply was hinting at, with some speculating that he was perhaps suggesting that Web3 is being held under the control of the popular venture capital firm, Andreessen Horowitz, commonly known as a16z.
Just earlier today in another Twitter discussion, Dorsey had told the popular rapper, Cardi B, that bitcoin will replace the US dollar, showing his strong support for the digital asset.
