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Jack Dorsey says VC involvement means crypto users don't own Web3 — and Elon Musk seems to agree
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Twitter cofounder Jack Dorsey doesn't have much faith in the idea that Web3 — the next generation of the internet — will «democratize everything.» And Tesla boss Elon Musk doesn't even seem to think it exists.
Web3 is seen by crypto advocates as a stepping stone to giving people more ownership of their online activity. As it's built on the blockchain, and so decentralized, that means it won't be controlled by Web2's tech giants such as Google, they argue.
But Dorsey shot down that idea in a post to Twitter, pointing to how venture capitalists and their limited partners, or VCs and LPs, are building influence in the space.
«You don't own 'web3.' The VCs and their LPs do,» Dorsey said in a tweet late
Read more on markets.businessinsider.comAbout this in other media
Jack Dorsey's metaverse spat led to him unfollowing Web3 fanatics like Tyler Winklevoss on Twitter markets.businessinsider.com /2 years ago
Web 3.0 Wars are Becoming Personal as Jack Dorsey Draws the Decentralization Line cryptonews.com /2 years ago
Elon Musk thinks Neuralink is better than Metaverse in long term cointelegraph.com /3 years ago
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