Jack Dorsey says Web3 is a VC ploy meant to dethrone the Big Tech overlords, but is that really the case? CEO and publicist arieli argues that the reality is far more complex.
, he asserts again and again. Instead, venture capital funds pumping millions into blockchain and Web3 projects will be the ones to hold the reins. But, will they, though?
In its current shape and form, after all, the internet is indeed quite centralized in a lot of ways. Just four companies run almost 70 percent of the global cloud infrastructure that is home to millions of web pages and applications. All the familiar faces are also encroaching on the crucial infrastructure making up the web’s backbone.
In the digital world, you reap what you code. Code is the law, blockchain enthusiasts like to say, and even though the crypto community itself didn’t always live by this principle, it is a rallying cry for some of its more purist advocates. The idea behind it is that the code is a more unbiased judge than any centralized entity could ever be, and so, in code we trust.
A VC investing in an invasive app taking a jab at the established giants fits into Dorsey’s argument. And, yes, a decentralized application can hypothetically be as invasive as a centralized one. A VC investing in a privacy-first open-source project in hopes of cashing out on its token does not.
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