Jack Dorsey raises outcry over dismissing Web3 as a toy for venture capitalists
(Bloomberg) – After relinquishing the reins of CEO of Twitter Inc., Bitcoin enthusiast Jack Dorsey turned to the service he co-founded to express his displeasure with Web3 technology and the involvement of venture capital firms such as Andreessen Horowitz. .
Web3, the still unclear term for the decentralized blockchain-based systems and technologies that are destined to replace the Internet as we know it, has garnered a lot of attention and funding this year, with Andreessen Horowitz being one of its pom – the loudest cheerleaders. The trade in non-fungible tokens, or NFTs, on the Ethereum and Solana blockchains has been the most visible manifestation, with many companies now investing in the development of decentralized applications as well as games for these platforms.
“You don’t own ‘web3’,” Dorsey tweeted. “VCs and their LPs do it. It will never escape their incentives.
The post attracted over 16,000 likes and thousands of retweets. Many rebuffed comments such as “strongly disagree” and “completely false”, although many others expressed support.
Tesla Inc. chief Elon Musk entered the discussion by asking if anyone had seen Web3, to which Dorsey replied “it’s somewhere between a and z”, hinting he is being held. under the control of the venture capital company founded by Marc Andreessen and Ben Horowitz. , usually contracted at a16z.
Learn more about Web3 as the crypto world reinvented the Internet
Earlier today, Dorsey, whose Block Inc. company includes Spiral, a project “to make bitcoin the planet’s favorite currency,” tweeted in response to music artist Cardi B that Bitcoin would replace the US dollar. . The series of tweets and responses from the former Twitter boss on Monday sparked disagreement and debate over the service, with 16z general partner Chris Dixon offering an olive branch saying he’s “a great fan of “Dorsey and” was hoping that we could eventually bring her around ETH and other blockchains.
“It is essential that we focus our energy on truly secure and resilient technologies owned by the mass of people, and not by individuals or institutions,” replied Dorsey.
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