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Criticizing the centralized system, Jack Dorsey adds 'You don't own Web3.0'

2 min reading

For VCs and investors, adhering to significant rules, rather than decentralisation, is the frequent primary objective for growth.

Jack Dorsey, the co-founder and former CEO of Twitter, and also the founder and CEO of Square (now Block), expressed his opinion on the path of Web 3.0 development in a series of tweets on Tuesday. Tesla's CEO, Elon Musk, joined Dorsey in the criticism. When asked if crypto will eventually replace the dollar, Dorsey responded, "Bitcoin will."

Web 3.0 is a decentralised variant of the digital world that will, among other aspects, include public blockchains, metaverse technology, nonfungible tokens, and decentralised finance free of the reach of centralised power sources such as corporate servers.

Although Dorsey took goal at the idea that VCs and limited partnerships, or LPs, often finance Web 3.0 projects in constant competition with decentralised alternatives like initial coin offerings. By acquiring a controlling share, VCs and LPs can push blockchain co-founders to adhere to centralised rules that go against their primary crypto ideology, such as obtaining Know Your Customer (KYC) data.

Elon Musk said that Web 3.0 projects have not remained to their name, even though he didn't have more to say.

As per a PitchBook report, fintech firms earned $88.3 billion in venture capital funding during the first three quarters of 2021, almost double the figure of $44.9 billion in 2020. One possible growth factor, according to the report, is the growing public acceptance of cryptocurrencies, particularly as more institutions seek access to digital assets.

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