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Web3 is being hailed as the biggest revolution that the blockchain technology could enable in the coming years. The new form of Internet will supposedly bring back the ownership of information and property exchanged over it to the people. In the process, it aims to eliminate the middlemen, which at present are platforms like Facebook, Twitter, YouTube and such. However, Twitter co-founder Jack Dorsey now shares that this is not what is happening in the real world.

In a recent tweet, Jack goes against the popular opinion that Web3 is owned by the people. As per Jack, Web3 will still be owned by Venture Capitalists (VCs) and their investors or Limited Partners (LPs), just like the Internet that we see today. In sharing his belief, Jack makes an outright prediction that even Web3 will never be able to get rid of the influence of VCs and LPs.

The tweet comes as a warning from Jack to the people who are just starting out on Web3. He writes in his tweet – “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. Know what you’re getting into”

Naturally, the tweet faced a massive backlash from the vast community that is working day in and out on creating Web3 an entity free from the influence of VCs. Some responses to Jack’s tweet called him out for stifling “the hopes and dreams of many brave people” working towards the cause. Others pointed out that there is no way for Jack to know everything that is going on with Web3 and hence his comments hold no validity.

Jack cleared what he meant in response to one such tweet. He stated that at present, Web3 is not wrong and that such critique of it can help fix such issues, “or divert energy to something more important.” He called these a bigger issue than killing some hopes and dreams.

The conversation got even more interesting with a simple question that followed. Since Jack was sure that VCs will have a role to play in Web3, just as with the Internet at present, a Twitter user asked Jack about what kind of role this would be.

In response, Jack wrote that the community should focus on taking the “massive profits” of the VC circle and use it to fund true Free and open-source software (FOSS). This will be ironic as such software is what made many VCs a lot of money in the first place.

Jack’s concerns are not completely unfounded, but we will have to wait and see how Web3 shapes up, as most Internet users still struggle with the concept and its application. While Jack, known for empowering ideas of decentralisation, talked of Web3, Tesla CEO Elon Musk was quick to mock him with a tweet of his own – “Has anyone seen web3? I can’t find it.”

Well, way to go Musk. Trolling Twitter co-founder on Twitter is probably the best way to stay in the limelight, especially when you are not a part of the conversation

Author

India today

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