“You don’t own Web 3” Jack Dorsey criticizes the current centralized nature of Web 3

For venture capital companies and angel investors, compliance with relevant regulations, rather than decentralization, is often the primary task of development. In a series of tweets released on Tuesday, Jack Dorsey criticized the direction of Web 3.0.

In a series of tweets released on Tuesday, Twitter’s co-founder and former CEO, and the founder and CEO of Square (now Block), Jack Dorsey criticized the direction of Web 3.0. Tesla CEO Musk also joined Dorsey’s ridicule. On the other hand, on the same day, when asked whether cryptocurrency would replace the U.S. dollar, Dorsey replied: “Bitcoin will.”

Web 3.0 represents a decentralized virtual world. To a certain extent, it will be characterized by public blockchain, Metaverse technology, non-homogeneous tokens, and decentralized finance. It will not be affected by centralized energy (such as corporate servers). )control.

“You don’t own’web3′.

Venture capital companies and their LP own it. Web 3 will never escape their encouragement. In the end, it is just a centralized entity with different labels.

You must know what kind of world you are entering…”

-jack?? (@jack) December 21, 2021

However, Dorsey locked in the fact that venture capital companies and limited partnerships (LPs) often fund Web 3.0 projects and directly compete with decentralized alternatives such as ICOs. By having a controlling stake, venture capital companies and LPs can pressure blockchain co-founders to comply with centralized regulations, such as collecting KYC data, which conflicts with their core cryptocurrency concepts.

Although he didn’t have much to add, Elon Musk later commented that the Web 3.0 project is still not worthy of its name.

“Did anyone see web3? I can’t find it.”

-Elon Musk (@elonmusk) December 21, 2021

According to a report by PitchBook, in the first three quarters of 2021, fintech companies have received $88.3 billion in funding from venture capital firms, almost double the total of $44.9 billion in 2020. The report also emphasized that the increasing acceptance of cryptocurrencies by the mainstream is a potential growth driver, especially as more and more institutions want to acquire digital assets.

As for Dorsey, since stepping down from the social media company Twitter in November, the former Twitter CEO seems to have more say in his intentions to contribute to the Bitcoin economy. As previously reported by Cointelegraph, Dorsey plans to build a decentralized exchange for Bitcoin, making it easier to fund non-custodial wallets.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/you-dont-own-web-3-jack-dorsey-criticizes-the-current-centralized-nature-of-web-3/
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