Friday, January 28, 2022
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By Prashant Jha
Published 10 mins ago Updated 10 mins ago

Jack Dorsey, the founder of Twitter created a storm on the social media platform after deeming Web 3.0 a monopoly ground for big corporates and VC funds. The statement came the same day when Elon Musk took a dig at Web 3.0 technologies as well. Dorsey mocked traditional venture capital firms such as Andreessen Horowitz who are investing millions in crypto companies and how they are not all for decentralization.

He shared the mission statement from the company which literally says “we invest in software eating the world”

While many crypto startups working hard towards web 3.0 didn’t take the comments in their stride and Dorsey came out to explain that he is not necessarily against the development of Web 3.0 technologies as much as he is against VC monopoly.

Dorsey who has held the position of CEO of Twitter for quite some time has quit as the CEO to focus on Bitcoin entirely through his popular Bitcoin venture Square Inc. The former Twitter CEO is a well-known Bitcoin proponent who has said it himself in the past that he would eventually quit Twitter to focus full-time on developing Bitcoin-based open-source products.

Former Twitter CEO wages war on centralization

Bitcoin seems to have smitten Dorsey to his core and he seems to understand the importance of decentralization and open-source more than any other CEO at this point. He is often seen as a Bitcoin maximalist especially from the Ethereum proponents as he has dismissed any suggestion that involves any other cryptocurrency than Bitcoin. However, he has cleared that he is not necessarily a Bitcoin maximalist as he is more focused on decentralization.

Jack Dorsey-led Square Inc. is currently working on a number of Bitcoin-centered products such as a decentralized exchange system, building a Defi ecosystem, and an open-source hardware wallet as well.

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