Dorsey and Musk Fault Venture Capital Firms’ Influence on Web3

Influence on Web3

Jack Dorsey says that the decentralization of Web 3.0 could be weighed down by the Venture Capitalists’ influence, a statement seconded by Elon Musk.

The Twitter and Block co-founder is skeptical whether democracy and freedom in the next generation of the internet would be achieved. The Tesla executive doubts if it exists.

Dorsey notes in a tweet that the real owners of web 3.0 were the venture funds and not the general public. He thinks that it is a centralized platform with a different perception.

The remarks by the former Twitter boss did not augur well to some of his followers who thought he was hitting back at the VCs, yet he was one of the beneficiaries.

In response to Musk’s comment asking whether anyone had seen Web 3.0, Dorsey replied that it was between A and Z, a reference to Andreessen Horowitz venture firm.

Andreessen Horowitz has been investing in blockchain-based companies since 2013, currently working with $2.2 billion funds targeting the sector.

Source: Markets Insider

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