Why Twitter cofounder Jack Dorsey regrets getting ‘involved in’ the Internet
Tweet Dorsey Who now focuses on Block Chain and cryptocurrencies via Block, his financial services company Block (earlier Square), lamented about the current state Internet .
“The days of usenet and irc were amazing. Even email (w PGP )…were incredible. He said that centralizing identity and discovery into corporations has really hurt the internet in a late Sunday tweet.
“I am partially responsible and I regret it.”
Co-founder and CEO of Affirm Max Levchin His tweet was replied to by a reply stating that the Internet had “changed from arthouse into blockbuster because they needed an audience and to make money.”
Dorsey wrote that “Perhaps greater focus on protocol first, and then interface would help.” Although I do agree that there were fewer technology options for making money, it was a problem. Advertising became the dominant force in advertising.
Dorsey stated that big venture capital firms own Web 3.0 and that they are not users. He said that these funds were “determined to create a media empire that cannot be ignored… not Gandhi”.
Web3, also known by Web 3.0 is an idea for a new Internet. It incorporates decentralisation and is based on Blockchain .
You don’t have web3. Only the VCs and their limited partners (LPs) own it. They will not let it go. It is ultimately a centralised entity that has a different name. He posted, “Know what you’re getting into.”
Dorsey is also creating an open, fully decentralised Bitcoin mining network. This comes at a time where crypto mining has caused serious energy consumption and e-waste generation issues.