Elon Musk, Jack Dorsey Mock Web3, Criticise Involvement of Venture Capital Firms Like Andreessen Horowitz


Billionaires Elon Musk and Jack Dorsey have dismissed the so-called Web 3 and criticized the involvement of venture capital firms such as Andreessen Horowitz, which some have named the next phase of the Internet.

Web3 is a vague term for a utopian version of the Internet that is a decentralized, digital record-keeping technology based on the blockchain, which also runs the platform that runs. cryptocurrency As if Bitcoin And ether, bitcoin price in india stood at Rs. 38.8 lakh more ether price in india stood at Rs. 3.19 lakh till 10 am on 22nd December.

Tesla chief executive officer musk “Has anyone seen web3? I can’t find it,” tweeted Tuesday.

prior to Twitter top boss dorsey replied, “It is somewhere between a and z.”

Dorsey did not elaborate on the tweet. Venture capital firms such as a16z, founded by Marc Andreessen and Ben Horowitz, have heavily supported blockchain, crypto, and Web3. Andreessen Horowitz was not immediately available for comment.

Web3 is, according to its proponents, to give users an ownership stake in platforms and applications, whereas in Web2, the current form of the Internet, only a few major tech giants such as meta and alphabet Google Control platforms.

“You don’t have “web3,” Dorsey tweeted Monday night. “VCs and their LPs do. It will never escape their encouragement. It’s ultimately a centralized entity with a separate label. Know what you’re doing…”

Dorsey’s tweet garnered thousands of likes and retweets, but many users disagreed.

To counter one such tweet, Dorsey replied, “We have bigger issues if a tweet suppresses hopes and dreams. It’s currently not wrong. Criticism can help heal, or energy. turn it on to something more important.”

Web3 has joined the ranks of non-fungible tokens (NFT) and to become the metaverse a technical discussion Getting a lot of attention and funding this year.

© Thomson Reuters 2021