Web 3 is at its nascent stage now, and the world hasn’t fully transitioned from web 2 yet. However, the hype around web 3 does not seem to be slowing down despite the absence of the masses from the space. One of the major reasons behind the growing popularity of web 3 is its poised vision of decentralization and community ownership. Going by the copybook definitions, web 3 will be a free and open space for all users without having centralized intermediaries to facilitate every operation. It is evident that not everyone is buying this narrative, and among them is the former CEO of Twitter, Jack Dorsey.
In a series of tweets, Dorsey spoke about the pitfalls in the way web 3 is being developed. In its present situation, web 3 projects are mostly venture capital and limited partnership initiatives. Dorsey argues that this model will not realize the decentralization dream that web 3 sells. Public initiatives and offerings, according to Dorsey, will succumb to large venture capitalists, and web 3 will only be a more interactive version of web 2.
Elon Musk, among others, came out in support of Dorsey. The conversation around web 3 is now addressing its core challenges and not merely projecting a dream vision. Decentralization has various challenges, and the very presence of large corporates in the web 3 space is one of them. That’s the reason recently rebranded Meta is seen as a threat to web 3 and not a blessing. Dorsey ended his tweet series by warning the users about what they are getting into.