Jack Dorsey creator, co-founder, and Chairman of Twitter and co-founder & CEO of Square speaks on stage on the Bitcoin 2021 Convention, a crypto-currency convention held on the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida.
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Jack Dorsey has been blocked on Twitter, the social media platform he co-founded, by famend enterprise capitalist Marc Andreessen.
The block comes after Dorsey criticized sure corners of the enterprise capital trade and made a number of particular remarks in regards to the agency Andreessen co-founded, Andreessen Horowitz.
This week, Dorsey has expressed a number of views on “Web3” — a possible new decentralized model of the web primarily based on blockchain. Perhaps most notably, the entrepreneur stated Web3 could be owned by wealthy VCs like Andreessen as a substitute of “the people”.
“You do not personal ‘web3,’ he tweeted. “The VCs and their LPs do. It won’t ever escape their incentives. It’s finally a centralized entity with a special label.”
Then, on Wednesday, Dorsey tweeted: “I’m formally banned from Web3,” alongside a screenshot showing he had been blocked by Andreessen. His tweet prompted several other Twitter users who have also been blocked by Andreessen to share similar screenshots.
Andreessen, who has made billions off the back of early bets on companies like Facebook, has backed a number of companies that are working on technologies that could one day underpin Web3.
Andreessen Horowitz also has a page on its website called “web3 Policy Hub,” with the subhed: “We Deserve a Better Internet.”
“We do not have all of the solutions, however we’re desperate to work with policymakers, civil society, and different companions to outline an affirmative imaginative and prescient for find out how to use these highly effective new instruments to learn society,” the VC says.
The firm did not immediately respond to a CNBC request for comment on Thursday.
What is Web3?
Web3 remains a hazy concept, but the idea is that it will be powered by the blockchain, the technology behind many major cryptocurrencies and nonfungible tokens, or NFTs. A plethora of entrepreneurs around the world are trying to design and build the technologies and protocols that would support Web3.
Advocates of Web3, which would follow Web1 and Web2, believe today’s online platforms are too centralized and controlled by a handful of large internet companies, like Amazon, Apple, Alphabet and Facebook parent company Meta.
When Tesla CEO Elon Musk his 67.4 million Twitter followers if any of them had seen Web3, Dorsey hinted that it’s already under the control of Andreessen Horowitz.
“It’s someplace between a and z,” said Dorsey, who stepped down as Twitter CEO last month to focus on his payments start-up, Block, formerly Square.
Web3′s army of supporters want to see the power of the internet put in the hands of the people, not VCs. They believe it’s too big and important for a small number of companies or investors to manage. Today the internet is vital to the global economy and plays a role in powering everything from nuclear facilities to hospitals.
Marc Andreessen, co-founder and general partner of Andreessen Horowitz
David Paul Morris | Bloomberg | Getty Images
Beyond the internet, there’s also a big push to decentralize finance (DeFi) that is being led by cryptocurrency entrepreneurs and fans of coins like bitcoin and ether.
Dorsey, who has raised money from VCs for Twitter and Block, is himself is a big proponent of bitcoin and his Twitter bio is simply “#bitcoin” followed by the bitcoin symbol. However, he’s less keen on other cryptocurrencies.
Late on Wednesday, he replied to a Twitter user saying he’s not necessarily anti-ethereum, a technology powering the cryptocurrency ether (ETH) and thousands of decentralized applications including several that have been backed by Andreessen Horowitz.
“I’m anti-centralized, VC-owned, single level of failure, and company managed lies,” Dorsey said. “If your aim is anti institution, I promise you it is not ethereum.”