Jack Dorsey questions the decentralisation of Web 3.0
Twitter co-founder and Block CEO Jack Dorsey believes that the blockchain-based concept of Web 3.0 will not be decentralised because of the strong influence of venture capital.
You don’t own “web3.”
The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralised entity with a different label.
Know what you’re getting into…
— jack⚡️ (@jack) December 21, 2021
“You do not own Web 3. It is venture capital firms and their capital providers who do. Ultimately it is a centralised entity under a different label. Know what you’re getting into,” he wrote.
Post gathered over 42,000 likes and 7017 retweets. In the unfolding discussion, many disagreed with Dorsey. He was also reminded that his projects attracted “a ton of venture money.”
And this is why I know exactly what I mean.
— jack⚡️ (@jack) December 21, 2021
“That is why I know exactly what I mean,” replied Dorsey.
Supporters pointed to Messari data showing that venture capital firms own substantial token holdings in many major blockchain projects.
Among those backing Dorsey was Elon Musk, who asked, “Has anyone even seen Web 3?” Ex-Twitter chief in response hinted at the Silicon Valley venture giant Andreessen Horowitz (a16z):
“It’s somewhere between a and z”.
It’s somewhere between a and z
— jack⚡️ (@jack) December 21, 2021
The firm devotes much attention to technology projects and Web 3.0 advocate Chris Dixon joined the discussion. He recalled Mahatma Gandhi’s famous remark about stages of victory:
“First they ignore you, then they laugh at you, then they fight you, and then you win.”
You’re a fund determined to be a media empire that can’t be ignored…not Gandhi.
— jack⚡️ (@jack) December 21, 2021
“You’re a fund determined to be a media empire that can’t be ignored… not Gandhi,” Dorsey said.
Следом он ретвитнул карикатуру, на которой изображено, как благодаря буму технологий Web 3.0 капитал вливается в венчурные компании, а розничным инвесторам достаются капли.
— jack⚡️ (@jack) December 21, 2021
Andreessen Horowitz заблокировала Дорси в Twitter, а он обратился к прямой критике фирмы, предложив заменить в ее слогане — «Мы инвестируем в ПО, покоряющее мир» — последнее слово на Web.
“we invest in software eating the world”
*web
— jack⚡️ (@jack) December 22, 2021
“This mission statement has always felt somewhat grim,” added Dorsey.
As reported in December, the payments company Square changed its name to Block, to emphasise its commitment to blockchain.
Earlier the company invested in Bitcoin $50 million and $170 million of its own capital.
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