It's often the top priority for VCs and angel investors that businesses
comply with relevant regulations, not decentralization, for growth.
In a series of tweets posted on Tuesday, Jack Dorsey, the co-founder
and former CEO of Twitter, as well as the founder and CEO of Square (now Block), voiced his criticism over the direction of Web 3.0 development. Elon Musk, the CEO of Tesla, joined Dorsey in the mockery. On an unrelated note, the same day, Dorsey replied, "Bitcoin will" when asked if crypto will replace the dollar.
Within
context, Web 3.0 is a decentralized version of the virtual world that
will, in part, feature public blockchains, metaverse technology,
nonfungible tokens and decentralized finance free from the grasp of
centralized power sources, such as corporate servers.
However, Dorsey took aim at the fact that venture capital firms, or
VCs, and limited partnerships, also known as LPs, frequently fund Web
3.0 projects in direct competition with decentralized alternatives such
as initial coin offerings. By owning a controlling stake, VCs and LPs
can then pressure blockchain co-founders to comply with centralized
regulations, such as collecting Know Your Customer (KYC) data, that
conflict with their core crypto philosophy.
Although he didn't have much to add, Elon Musk commented that Web 3.0 projects haven't really lived up to their name.
According
to a report by PitchBook, fintech firms received $88.3 billion in
aggregate funding from venture capital through the first three quarters
of 2021, almost double the 2020 total of $44.9 billion. The report also
highlighted the growing mainstream acceptance of cryptocurrencies as one
potential growth driver, especially as more institutions look to access
digital assets.
As for Dorsey, the former Twitter CEO appears to be much more vocal about his intent to contribute to the Bitcoin (BTC) economy since stepping down from the social media company in November. As Cointelegraph previously reported, Dorsey plans on building a decentralized exchange for Bitcoin that will make it easier to fund a non-custodial wallet.
source link : https://cointelegraph.com/news/you-don-t-own-web-3-0-says-jack-dorsey-criticizing-its-centralized-nature
