Andreessen Horowitz: Web3 and cryptocurrencies can take power away from large Internet companies

Article Reading Time:
1 min.

According to the founder of the cryptocurrencya16z division, Web3 companies need to do more to embrace new technologies and give control of the Internet back to the people.

Founder of the crypto division of AndreessenHorowitz (a16z) Chris Dixon said he believes Web3 and digital currencies have the potential to disrupt the power imbalance created by large internet companies like Facebook and Twitter. According to the expert, now all power on the Internet is divided between a small group of companies, but this may change in the future:

“I think the current state of affairs is not effective at all. The idea that the Internet is controlled by five companies is very bad for both entrepreneurs and venture capitalists."

According to Andreessen Horowitz,the situation can be corrected by a new version of the Internet, in which all control will belong to the users. To achieve this, Dixon says Web3, blockchain and cryptocurrency companies need to do more to implement the technology and train people to use it:

“What can we do to improve the Internet? Create new systems where network effects extend to communities rather than companies.”

Dixon shared his thoughts on the market recession,saying that he personally sees the fall as a chance to invest more in the industry. The expert assured: according to his experience, market downturns have always been an opportunity to buy cheaper and sell higher - which has always been the main essence of venture capital.

Earlier, Andreessen Horowitz co-founder Marc Andreessen explained why Web3 reminds him of the early Internet.