Ex-Twitter CEO Jack Dorsey takes issue with Cardi B over Web3 as Tesla chief Elon Musk jumps in

New Delhi:

Jack Dorsey has courted controversy once again. Himself an ardent cryptocurrency enthusiast who believes that Bitcoin can become the preferred currency of the world, Dorsey has come out in the open against Web3 in his response to Cardi B’s tweet where the latter said that Bitcoin will replace the American Dollar.

“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,” Dorsey said in a tweet. “Know what you’re getting into…” he added.

He sounded his displeasure with so-called Web3 technology, especially the involvement of venture capital firms such as Andreessen Horowitz.

At the filing of the copy, the tweet had met with huge success and engagement: over 6.5k retweets, close to 3k quote tweets and over 40k likes. While many agreed with Dorsey, a whole lot also disagreed. 

Tesla chief Elon Musk also entered the discussion, saying, “Has anyone seen web3? I can’t find it.”

To which Dorsey returned a quite suggestive, though veiled hint: “It’s somewhere between a and z”. He was in all likelihood hinting at VC firm founded by Marc Andreessen and Ben Horowitz.

The newest addition to the world of cryptocurency is Web3. The idea behind this is that while cryptocurrency is used for transferring money and financial speculation, it can now build a whole new web.

The underlying building blocks of this web will be tokens which will inform you almost everything that one does on the web. Cryptocurrency boosters opine that this could replace big corporations with decentralized, internet-based organizations ruled by software protocols where votes of token holders matter.

Analysts say that just as overtime, all companies transitioned into internet companies, similar change and transition is likely to happen in this case too. 

There is no dearth of naysayers too. Many have dubbed this as a way to sidetrack rules and regulation, while others say that it is too nascent and the limited apps that are available are targeted at traders. In an ideal world, Web3 services are supposed to be operated, owned by, and improved upon by communities of users. 


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