Former Twitter (TWTR) CEO Jack Dorsey’s stern attitude towards Web 3.0 (Web3), the next generation of the internet, sparked debate among crypto masters on Thursday. Dorsey sounded critical of venture capital’s influence on Web3. Though arguments reflected Dorsey’s lack of interest in Ethereum, he argued to be “anti-centralized” rather than “anti ETH”.
Meanwhile, Dogecoin co-founder Billy Markus tweeted, “My goal is to build stuff and make money and have fun. I’m used to the corporate establishment and don’t really see any meaningful break away from it — Bitcoin just gives power to new rich people.” And that’s precisely “why I’m pro doge,” Tesla (TSLA) CEO Elon Musk replied on Twitter.
The online heated debate centered on whether blockchain (the potential driver of Web3) and Bitcoin are completely decentralized or whether a small group of people and corporates govern over them from the shadows.
Jack Dorsey argued, “you don’t own ‘web3.’ The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.” However, his comments were opposed, as many major crypto investors stopped following him on the social platform.
It is expected that the debate over whether crypto is decentralized and anti-establishment will continue, with the likes of Musk and Dorsey leading the debate. Nevertheless, the effect of these tweets on the future of Web3, theoretically a new iteration of the Internet that incorporates decentralization based on blockchain, is uncertain.
Disclosure: At the time of publication, Priti Ramgarhia did not have a position in any of the securities mentioned in this article.
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