Fighting like children! This is what billionaires are doing on Twitter after their ideas and beliefs clashed over Web 3. Venture capitalists also jumped into this online feud and ended up being unfollowed by Twitter co-founder Jack Dorsey. And this had got the media on drum roll as it’s just like a couple of rattling rugrats!
The fight is over Web 3, the decentralized version of the internet run by blockchain. The New York Times describes Web 3 as an industry name for blockchain-based internet powered by crypto tokens. Elon Musk initially shared his thoughts saying Web 3 seems more like a marketing buzzword. He then asked whether anyone has seen Web 3.
This is where Dorsey comes in with his two pence, that Web 3 is in fact under the control of Andreessen Horowitz (a16Z), a venture capital firm. And Horowitz happens to be a Web 3 advocate.
So, what we have gotten to know so far is that Andreessen is a supporter, believer of Web 3. Whilst Musk and Dorsey are critics or maximalists but also very much follow the idea of a decentralized blockchain-driven internet. The maximalists do not believe in funding projects with crypto tokens and think the VCs have millions of them. The supporters, who hold these tokens, strongly believe it can work.
Balaji Srinivasan, a former partner at a16z, jumped into the space in support of Andreessen and accused Twitter of failing to corporate and politics. This argument was rejected by Dorsey. He stated that Twitter had in fact started off as a corporate and remains a corporate.
Dorsey is a bitcoin enthusiast and sticks to it. He believes the original cryptocurrency is the way forward and strongly dislikes other cryptocurrencies and tokens that have amassed supporters.