Former Twitter CEO Jack Dorsey has drawn the ire of the Web3 community following comments about Web3, in which he said that venture capitalists own it.
What followed was a flurry of responses and criticism. Here's a look at what Dorsey said and why it has people so riled up...
What Did Jack Dorsey Say About Web3?
On December 21, 2021, Jack Dorsey tweeted: "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..."
In the tweet, Dorsey is referring to venture capitalists (VCs) and their limited partners (LPs) or investors.
By the next day, the tweet had garnered more than 41,000 likes and 6,000 retweets. But it also had over 3,000 replies and nearly 3,000 quote tweets.
He later followed up with a tweet saying that the VCs are the problem.
Reactions Trail Jack Dorsey's Tweet About Web3
This didn't go down well with some Web3 enthusiasts who wasted no time in tweeting their displeasure and disapproval. Others, however, support Dorsey's stance about who will own Web3.
A user accused the former Twitter chief of having been in bed with VCs to which he replied: "And this is why I know exactly what I mean."
Andrew Keys reminded Dorsey that the Ethereum project wasn't VC-backed.
According to Presearch, their project was also community-funded, without any VC support.
Other users pointed Dorsey not just to the potentials of Web3 but also to real-life examples of Web3 in action.
In case you're wondering what the controversy is all about, it's all about the central beliefs some Web3 proponents have about the technology and who will own it. Some Web3 proponents believe that the technology will democratize the internet and empower users, unlike the present Web 2.0 where few powerful players (Big Tech) own the majority of services.
Still in development, Web3 or Web 3.0 is a term coined by Gavin Wood to describe a decentralized online ecosystem built on the blockchain. It is being put forward as the third iteration of the World Wide Web after Web 1.0 and Web 2.0.
Elon Musk Also Criticized Web3
Dorsey's tweet came on the heels of Elon Musk's tweet the previous day in which the Tesla CEO described Web3 as more of a marketing buzzword than reality at the moment.
A few hours after Dorsey's controversial tweet, Musk tweeted again asking if anyone had seen Web3, saying "I can't find it."
Dorsey replied "It's somewhere between a and z" in reference to A16z, the VC firm run by Marc Andreessen and Ben Horowitz, who are major backers of Web3.
The Debate Will Likely Continue
As with any new technology, debate will continue until the concepts and platforms become further realized.
There are plenty of technologies and platforms that didn't work out the way early proponents envisioned. But it's also too soon to really make any tangible predictions on what Web3 will hold for us.
For Dorsey, it seems he's trying to bring attention to an issue he sees emerging in Web3's future.