Jack Dorsey may have given up his head position at Twitter but he is utilising his creation to express his concerns and doubts about Web3 technology.
The founder and CEO of Block, Inc. also demonstrated his displeasure over the high stake involvement of Venture capitalists and liquidity providers. The former CEO of Twitter noted,
The tweet was highly interacted with as it received over 21 thousand likes but not everyone accepted his view of things. The Twitter users along with many known crypto personalities called Dorsey “dead wrong” and blamed him for stifling “the hopes and dreams of the many brave people shaping a truly independent web3.”
Serial entrepreneur and the former CTO of Coinbase also jumped to web3’s aid and noted,
Srinivasan added that web3’s smart contracts “*may*” prove more durable than web2’s social contract and asserted that blockchains could turn the slipper slope into the crypto cliff.
Tesla CEO, Elon Musk did not miss a beat to ask if anyone had seen Web3, to which Dorsey responded “it’s somewhere between a and z,” pointing at the control of the VC firm Andreessen Horowitz contracted to a16z.
Dorsey has been a known proponent of Bitcoin leading him to form Block Inc., formerly known an Square. As he envisions to provide “economic empowerment” and make Bitcoin “the planet’s preferred currency,” many from the Ethereum community were hoping to get Dorsey on board with Web3, including a16z General Partner Chris Dixon.
Dixon stated,
However, Dorsey remained adamant on his stance and replied that it was critical “we focus our energy on truly secure and resilient technologies owned by the mass of people, not individuals or institutions.”