THELOGICALINDIAN - The Twitter and Square CEO is alone focused on Bitcoin
Jack Dorsey, CEO of Twitter and Square, criticized the growing Web3 movement today as actuality heavily controlled by acceptable banking institutions and adventure basic firms. In a tweet, notgrubles wrote, “There is no web3, alone webVC.” Dorsey responded artlessly with “True.”
Web3’s Decentralization Woes
Jack Dorsey does not assume afflicted by Web3 advocates’ claims of “true decentralization.”
The Twitter and Square CEO had little to say on the subject, but his single-word acknowledgment to addition cheep analytical of Web3 as “WebVC”—which artlessly read, “True”—carried cogent weight.
Web3 portends to be a trustless, decentralized adaptation of the web congenital on blockchains, such as Ethereum and Polkadot. While some barrage Web3 as the approaching of the internet, Dorsey and others assume apprehensive of the ample bulk of VC money cloudburst into the space. By some estimates, as abundant as $17 billion in VC funding flowed into cryptocurrency projects in the aboriginal bisected of 2021 alone.
While Dorsey has been complex with Bitcoin only, he has not explicitly absolved Ethereum. However, he has expressed affair over blockchains added than Bitcoin before, with criticisms about absorption on “founding principles, security, and centralization.”
Dorsey’s anxiety may not be afloat from reality. In July, Uniswap’s level of decentralization fell into catechism back the DeFi Education Fund, adopted by UNI babyminding proposal, awash bisected of its allocated UNI tokens. The affair with the vote on the DeFi Education Fund, critics said, was that ample VC delegators could overwhelmingly appulse the aftereffect of the vote artlessly by owning outsized stakes in the network. Only one ages later, these aforementioned ample delegators came beneath blaze for voting to accolade a $25 actor admission to a distinct data-analytics firm.
Moreover, VC firms tend to accept outsized influence in their adeptness to antechamber for accessible policy.
Concerns over decentralization and over-bearing VC ascendancy in the amplitude have sparked a amusing media movement that some are calling #OccupyDeFi. A accumulation alleged Frog Nation, composed of assorted DeFi projects itself, is arch the following of decentralization in DeFi. Daniele Sestagalli, co-founder of one of these projects, Abracadabra.Money, tweeted that the goals of #OccupyDeFi are “keeping DeFi open, decentralised and censorship-resistant.”
(Disclaimer: At the time of writing, the columnist of this allotment endemic BTC, ETH, and several added cryptocurrencies.)
