Just after giving up the chief executive position of Twitter Inc., Bitcoin lover Jack Dorsey has taken to the service he co-founded to express his annoyance with so-called Web3 technology and the participation of venture capital companies such as Andreesen Horowitz.
A still vague term for decentralized, blockchain-based systems and tech that are curated to substitute the internet as we know it, Web3 has gained much funding and attention this year. Notably, Andreesen Horowitz is being amongst its loudest cheerleaders. Trading of NFTs (non-fungible tokens), on the Solana blockchain and Ethereum, has been the most evident illustration, with several firms now investing in the development of decentralized applications along with games for those platforms.
Jack Dorsey posted that you don’t own ‘Web3’. The Vice-Chairmen and their LPs do. It will never dodge their incentives.
The tweet was liked by more than 16,000 people and more than thousands of people retweeted it. Many opposed by commenting that they highly disagree, though several others showed their support.
Elon Musk, CEO of Tesla Inc. got into the debate by asking if anyone has seen Web3. Dorsey replied that it’s somewhere between a and z. This was to indicate that it’s held under the control of the VC company incepted by Ben Horowitz and Marc Andreessen, usually contracted to a16z.