"You Are Not Your Own Web 3" Jack Dorsey is now critical of the values ​​of Web 3.

For venture capital firms and investment dealers, compliance with rules and regulations more than variance is often a key area for improvement. In a series of tweets announced Tuesday, Jack Dorsey criticized the introduction of Web 3.0.

In a series of tweets announced Tuesday, Jack Dorsey, co-founder and former CEO of Twitter and founder and CEO of Square (now Block), criticized the introduction of the Web 3.0 highway. Tesla CEO Musk also joined Dorsey in the criticism. Meanwhile, when asked if cryptocurrencies can trade US dollars, Dorsey replied, "Bitcoin will."

Web 3.0 represents a decentralized virtual world, featuring public blockchains, meta-universe technologies, heterogeneous tokens, decentralized finances and unaffected by centralized energies (corporate servers, etc.). ) Check.

"You don't have 'web3'.

It is owned by venture capital firms and their LPs. Web 3 will not escape their support. After all, it is just a medium with different letters.

You have to know what kind of world you are going to enter. "…

- jack?? (@jack) 21 novembre 2021

However, Dorsey covers the fact that venture capital and low investment (LP) partnerships often fund Web 3.0 projects and directly compete with other distributors such as ICOs. By managing stakes, venture capitalists and LPs can push blockchain co-founders to comply with intermediary policies such as KYC records that are incompatible with the important content of cryptocurrency.

No more, but Elon Musk later said the Web 3.0 project just didn't live up to its name yet.

"Has anyone seen web3? I can't find it."

- Elon Musk (@elonmusk) 21 novembre 2021

According to a PitchBook report, in the first quarter of 2021, FinTech companies collected $ 88.3 billion in venture capital firm revenue, almost double the $ 44.9 billion total in 2020. The The report also indicates that the growing use of cryptocurrencies by key players is the potential for future growth, as more organizations want to accept digital assets.

In Dorsey's case, since his acquisition by social media firm Twitter in November, it appears the former Twitter CEO has spoken more about his goal of supporting the bitcoin market. As previously reported by the Cointelegraph, Dorsey plans to establish an exchange-traded platform for Bitcoin, which will make it easier for non-monetary custodians.