Jack Dorsey Criticizes Current Web 3.0 Trends

In the pursuit of profit, investors are pressuring existing Web 3.0 projects to use mechanisms that run counter to their underlying philosophy, according to the former Twitter CEO.

Jack Dorsey posted a series of tweets criticizingcurrent features of the development of the third generation of Internet services based on decentralized technologies. He expressed his dissatisfaction with the fact that venture capitalists, investment firms and other organizations that fund Web 3.0 projects are beginning to tweak their activities over timeunder generally accepted centralized rules for greater value or regulatory compliance.

For example, controlling shareholdersmay force the service to comply with KYC principles and collect personal data to identify users, which is contrary to the original concept of blockchain decentralization.

Elon Musk supported Dorsey, leaving a comment that he himself could not find a single full-fledged Web 3.0 project.

At the same time, answering the question about the prospectscryptocurrencies, the Twitter co-founder was more supportive, saying bitcoin could supplant the dollar. Earlier, he also announced his intentions to make a significant contribution to the development of the first cryptocurrency, as well as plans of his company Block (formerly Square) to organize production for the production of specialized equipment for mining.

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