The Web3 concept appears to be the new target for venture capitalists. Jack Dorsey and others dismiss that Web3 can come to fruition.
Elon Musk boosted a discussion that caught the attention of a considerable part of the cryptocurrency ecosystem that interacts on the social network Twitter.
Joining Elon Musk in the discussion regarding the Web3 was Jack Dorsey, former CEO of Twitter and current CEO of Block, a company focused on bringing Bitcoin-based solutions. Dorsey was the protagonist of this day of discussions with his responses and comments about Web3.
Dorsey said users do not own the web3, Venture capital investors and their limited partners are. It is, finally, a centralized body with a different name.
In front of a user who showed concern about this recent conflict, Jack highlighted he was worried about seeing the technology industry get distracted by pretenses when they could all be working on things that have a chance to solve real problems.
The Web3 discussions brought out the constant rivalry between Bitcoin and altcoins
Although there are not many definitions of Web3, the project could focus on becoming a decentralized Internet network at all levels and aspects. This debate also highlights a technology like Ethereum, a protocol based on smart contracts, and a distributed ledger (blockchain).
Regarding the cryptocurrency ether (ETH), countless tokens and so-called decentralized applications (dApps) can meet their issuances in this network.
Regarding the origins of Ethereum, there was an initial sale offer for both private investors and the general public and pre-mined or early issuance of ethers (ETH) in favor of its founders before the public launch.
This situation goes in parallel with launching a company or an investment fund, this is a subject that got criticized by Bitcoin enthusiasts. Dorsey thinks the Web3 is the relaunch of the same concept that haunts the media and social media since the emergence of other alternative cryptocurrencies.
Chris Dixon, the general partner at the firm Andreessen Horowitz (a16z), invited Jack Dorsey to join at some point in building and developing Ethereum, noting that other blockchains might be necessary to do other things that Bitcoin cannot do. According to Dorsey, users must focus their efforts on embracing truly safe and resilient technologies, appropriated by the mass of people, not technologies led by individuals or institutions.
What is Web 3?
The premises are quite similar to those proposed by Bitcoin for the financial and monetary system Eliminate intermediaries and return property rights where they belong: The user.
The Web3 highlighted via the Foundation page that it intends to develop a set of technologies that interact and work with each other in a coordinated way to bring greater experience on a new network.
Despite the excitement that this concept of universal and generalist aspirations can generate, the experiences with Ethereum and other cryptocurrencies have more than one skeptical position about the concept of Web 3 and how much it could endure.
By: Jenson Nuñez.
