Jack Dorsey says promise of Web3 is not real, Twitter users say don’t kill hopes

Taking to Twitter, Jack Dorsey has shared his views on the influence of VCs and their investments on Web3. The Twitterati did not take it all so well and was quick to point out that there is a lot going on with Web3 that Jack may not know too much about.

Web3 is being hailed as the biggest revolution that the blockchain technology could enable in the coming years. The new form of Internet will supposedly bring back the ownership of information and property exchanged over it to the people. In the process, it aims to eliminate the middlemen, which at present are platforms like Facebook, Twitter, YouTube and such. However, Twitter co-founder Jack Dorsey now shares that this is not what is happening in the real world.

In a recent tweet, Jack goes against the popular opinion that Web3 is owned by the people. As per Jack, Web3 will still be owned by Venture Capitalists (VCs) and their investors or Limited Partners (LPs), just like the Internet that we see today. In sharing his belief, Jack makes an outright prediction that even Web3 will never be able to get rid of the influence of VCs and LPs.