Robert Steinadler, a year ago

Web3 under attack - Jack Dorsey’s critic goes viral

Jack Dorsey is known as one of the strongest proponents of Bitcoin as a monetary standard. Only recently he left Twitter and it became clear that Bitcoin is now his number one priority through Square. The company is working in various fields to improve Bitcoin in terms of design as well as its technical development.

It is safe to say that the world listens when somebody like Dorsey has something to say about the direction that crypto, in general, is heading. It was only recently when Dorsey caused controversy on Twitter about Web3.

What is Web3?

Web3 is an umbrella term for a couple of technologies that are supposed to change the internet forever. Among them is blockchain technology and the dream of proponents of Web3 is that blockchain and crypto will allow users ownership over their data and over the content that they enjoy.

With Adidas and Nike entering the NFT craze and the metaverse it becomes clear that even companies are aware of the possibility that Web3 could become a thing rather than the next fad. But Dorsey is not agreeing with the basic ideas of the movement.

Is Web3 decentralized as we think it is?

The question Dorsey raised is whether or not we can hold ownership over the Web3 if venture capital is on board. Web3 projects simply have offer an incentive to their early investors and Dorsey was pointing out that users might end up being trapped within this incentive structure.

In effect, those solutions might only seem decentralized on the surface while their core is still controlled by third parties who are driven by making profits. Even Elon Musk assisted Jack Dorsey indirectly on Twitter by asking sarcastically if anybody has seen Web3 at all.

While Dorsey and Musk seem to agree - they don’t agree when it comes down to supporting Dogecoin - not every billionaire shares Dorsey’s view.

Winklevoss points out the obvious

It was Tyler Winklevoss who shared an article about Dorsey reminding the public that the former Twitter CEO sold his first tweet as an NFT. Clearly, a technology that falls under the category that was highly criticized by Dorsey.

Even those Dorsey might be biased since he is a Bitcoiner through and through, his point still seems valid. If Web3 is going to succeed it has to make a difference and reassure users that they are in control and not the product of the platforms that they are using.

Read more: What is Web3?

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