Dorsey believes VCs and LPs will make Web 3 decentralized.
Twitter and Square founder, Jack Dorsey, opines that Web 3, touted as the community owned internet, will not be what it promises.
Dorsey, a long-term Bitcoin proponent, has gone to lengths in the past to defend the cryptocurrency. He even took on the ones criticizing bitcoin for its carbon footprint.
However, on Tuesday, he expressed that Web 3, the new internet, will be controlled by Venture Capitalists (VC) and their Limited Partners (LP).
His tweet sounds like a warning stating that Web 3 will not be able to escape the big money offered by VCs.
The conversational thread became a full debate house.
A section of people called Dorsey a Bitcoin maximalist on the grounds that he believes all other chains can be corrupted except for Bitcoin.
Netizens were divided between the Proof of Work (PoW) and Proof of Stake (PoS) consensus mechanism protocols.
Some netizens believe that PoS chains are more vulnerable to the buying power of VCs.
Amidst all the commotion, Elon Musk was jokingly looking for Web 3.
Ever since Bitcoin arrived on the scene, scores of crypto community members have advocated for a trustless and permissionless economy devoid of a centralized authority.
It resulted in the creation of Decentralized Finance (DeFi) wherein a financial product will not be controlled by a single entity.
DeFi democratized the decision-making process of communities as all the members vote on any decision.
Only if the majority of members ratify any proposal, it will be adopted.
A true permissionless, trustless, and decentralized blockchain would prevent a single player from amassing the majority power, whether mining or staking, through community efforts. The community would take mitigatory measures to prevent it.
On the other side of the spectrum, the price of any crypto asset is determined by the demand-supply. If a single player holds a big chunk of the crypto in circulation, they could only manipulate it as long as there is demand for the asset. No investor would prefer to transact on a network that is compromised.
What do you think is the future of Web 3? Comment below.
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