Criticizing Web3 as just “old wine in a new bottle”, Jack Dorsey was unfollowed by a series of tech billionaires on Twitter

Although only existing in concept form, but Web3 (or Web 3.0) has become a hot topic of controversy among the world’s community of technology billionaires.

While Web3 is hailed by many as the next step of the internet – a serverless internet system where decentralized webs are linked together – famous billionaires are always eager for new technologies like Elon Musk and Twitter founder Jack Dorsey are skeptical about its potential.

Not only that, the former Twitter CEO also doubts its decentralized nature, as well as the ability of users to actually own this new connection platform – these are all core factors that make up the praise. currently for Web3.

In his tweet, Mr. Dorsey said: ” You don’t own Web3. New investors and partners hold them in their hands. It will never escape their influence. In the end it is still a the centralized entity is called by a different name .”

Indeed, even if those who believe in Web3 argue that its decentralization will be preserved through cryptographic tokens, it is an undeniable fact that venture capital funds are being who holds the most of those tokens – a prime example of the term “old wine in a new bottle.”

Web3 fans – including hedge funds as well as new tech aficionados – are clearly displeased with this statement. There are, they say, different approaches to realizing the new Web’s promise of decentralization – like tokens that can be tailored to the interests of network participants, or the reliance of others. Web3 developers into venture capital funds are just a consequence of outdated securities laws…

Not only that, to express their fierce opposition, a series of Twitter users have unfollowed (unfollowed) Mr. Jack Dorsey’s account.

Some of them are some of the most prominent names in the crypto space, including fund co-founder Andreessen Horowitz (a16z fund), Marc Andreessen, Coinbase CEO Brian Armstrong and Gemini co-founder Tyler Winklevoss, simultaneously pressed the unfollow button Dorsey. Mr. Andreessen even blocked Dorsey.

While Web3 proponents and Bitcoin advocates like Dorsey agree on hyperinflation and financial censorship, their main point of disagreement revolves around Web3’s degree of decentralization. – as well as the huge investments that go into them – and in the eyes of critics, this is about gaining too much control.

Meanwhile, Dorsey has become increasingly critical of non-Bitcoin crypto projects, which he sees as going against the philosophy of Bitcoin’s decentralization, culminating in Dorsey’s recent tweet claiming that Web3 ” will never escape the incentives of venture capital funds .”

Balaji Srinivasan, a former Coinbase CTO and a former partner of the a16z fund, expressed his disagreement with the Twitter co-founder, saying: ” Web3 offers potential, not guarantees, of something. that’s better. ”

Not only Jack Dorsey, another famous figure in the world’s cryptocurrency village, billionaire Elon Musk, also added fuel to the controversy in the technology world about Web3 when he said: “Has anyone seen Web3? I couldn’t find it.”

In addition to Mr. Musk, many other people also agree with Mr. Dorsey’s comments. At the same time as a series of celebrities and a large number of users unfollowed Mr. Dorsey, a large number of other users followed the Twitter co-founder.

Refer to Coindesk