Jack Dorsey criticizes the centralized nature of Web 3.0

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The co-founder and former CEO of Twitter, Jack Dorsey, who is also the founder and CEO of Square (rebranded to Block), expressed his disappointment with the path of Web 3.0 development in a series of tweets on Tuesday. Tesla’s CEO and crypto enthusiast Elon Musk joined Dorsey in the criticism. 

On a completely different note, when asked if cryptocurrency will eventually replace the dollar, Dorsey responded, “Bitcoin will.” 

Web 3.0, in this context, is a decentralized version of the virtual world and extension of the internet that will include public blockchains, metaverse technology, NFTs, and decentralized finance (DeFi) that is free from any centralized power control sources like corporate servers.

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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.

Know what you’re getting into…

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— jack (@jack) December 21, 2021

Jack Dorsey stressed the possibility of regulatory involvement

Dorsey, on the other hand, took aim at the reality that VCs and limited partnerships, or LPs, regularly fund Web 3.0 projects in direct conflict with decentralized alternatives like initial coin offerings. By holding a controlling share, VCs and LPs can put pressure on blockchain co-founders to comply with centralized requirements that go against their basic crypto ideology, such as obtaining Know Your Customer (KYC) data.

According to a PitchBook analysis, fintech startups earned $88.3 billion in venture capital funding in the first three quarters of 2021 (from January to September), nearly double the total of $44.9 billion in 2020. One possible growth driver, according to the research, is the growing public acceptance of cryptocurrencies, particularly more institutions seeking access to digital assets.

Since stepping down as CEO of Twitter in November, Dorsey has become considerably more public about his desire to contribute to the Bitcoin (BTC) ecosystem. As previously reported by TheCoinRise, Twitter founder, through its hyper-active company Block, is aiming to build an open-source Bitcoin mining hardware tool.

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