Former Twitter CEO Ruffles Feathers Over Web 3.0 Comments

Published on December 24, 2021 07:43 PM AEDT

Former Twitter CEO Ruffles Feathers Over Web 3.0 Comments — Image source: © Sedovukr | Megapixl.com

Highlights

Former Twitter CEO, Jack Dorsey, who largely thinks Web 3.0 is owned by large corporations has stirred up debate in the crypto world
Dorsey even went as far as to say Web 3.0 hides its corporate incentives under the guise of decentralisations
Some of Dorsey’s critics have argued that his stance on Web 3.0 is influenced by his allegiance to cryptocurrency, Bitcoin

It seems Jack Dorsey is never far from controversy. The former CEO of Twitter voiced his disapproval of venture capital being used in the building of Web 3.0 and some of his followers are not happy about it.

Dorsey, who largely thinks Web 3.0 is owned by large venture capital (VC) firms has stirred up debate in the crypto world. Is Dorsey right? Let’s dive in.

What Is Web 3.0?

Let’s first look at Web 3.0 and what exactly defines it. For the past two decades, we’ve been using an iteration of the internet called Web 2.0. Web 2.0 is defined by centralisation – that is big corporations owning and controlling the internet. Although, this version of the internet is more participatory and interoperable for users, it’s big companies like Google (NYSE:GOOGL) and Facebook (NYSE:FB) that own and control the vast internet space.

In contrast, Web 3.0 takes big corporations out of the equation, handing power over to the people, ultimately making the internet a more democratised space. At least in theory.

Dorsey’s Views on Web 3.0

Despite Web 3.0 supposedly being defined as a decentralised space, Dorsey says he believes Web 3.0 projects are actually owned by venture capitalists. He even went as far as to say Web 3.0 hides its corporate incentives under the guise of decentralisations.

Unsurprisingly, these views were not well received by VCs who are investing a lot into the development of Web 3.0. On Thursday, Dorsey tweeted that he’d been banned from Web 3.0.

Are Dorsey’s Comments Driven By Ulterior Motives?

Some of Dorsey’s critics have argued that his stance on Web 3.0 is influenced by his allegiance to cryptocurrency, Bitcoin.

Dorsey is what’s known in the industry as a Bitcoin maximalist – someone who is very pro Bitcoin.

However, Bitcoin’s blockchain isn’t driven by smart contracts and therefore doesn’t have the ability to host decentralised finance (DeFi) projects or other decentralised applications (Dapps), like other blockchains such as Ethereum.

This factor didn’t go unnoticed in the aftermath of Dorsey’s Web 3.0 criticism, with some suggesting that Dorsey would be fine with Web 3.0 if it was fuelled by Bitcoin rather than Ethereum.

Interestingly, Dorsey isn’t alone in his discontent for Web 3.0 with Tesla CEO, Elon Musk, also being a staunch critic.

When you consider the fact that Facebook, CEO Mark Zuckerberg, recently announced his new Meta company and along with it the creation of its own metaverse – a central feature of Web 3.0 – perhaps people have every right to question the decentralised label Web 3.0 has had bestowed upon it.

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