Your mom owns Web 2.0 – TechMac

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Your mom owns Web 2.0 – TechCrunch

We’ve been gifted one other episode of “Tech versus Tech: Crypto Version” at this time.

The argument among the many tech elite about simply who owns what within the Net 2.0 and web3 worlds continued this weekend. And as soon as once more the dustup featured former Twitter CEO Jack Dorsey and a16z, the investing agency finest recognized in recent times for its capital deployments into the blockchain area.

Dorsey, after pulling the rip wire from his perch atop Twitter and rebranding his fintech agency Sq. to the extra crypto-friendly “Block,” has determined to speak extra publicly about his views.

And views he has. The well-known tech exec is a recognized Bitcoin fan, which you may assume would slot in properly with a16z’s basic crypto bullishness.

It doesn’t.

Jack, web3 and who owns what

We dug into the early Dorsey-versus-a16z arguments right here however will present a abstract for these of you who would favor one thing temporary.

Dorsey’s concepts surrounding Bitcoin are centered round his perception in decentralization as an excellent. Bitcoin is a fairly decentralized system. Its founder is out of the image, it’s owned by no single entity and its group has managed to maintain engaged on the mission regardless of it missing a conventional chief or exterior funding.

How does that distinction with web3, the blockchain tasks that additionally trumpet the facility and significance of decentralization? Dorsey thinks that web3 is, in actual fact, centralized resulting from possession — management — accruing within the fingers of exterior buyers, a16z amongst them. It’s because, in contrast to with Bitcoin, web3 firms are busy hoovering up enterprise capital at a price that’s frankly staggering, which means that many decentralized tasks are racking up giant exterior buyers of their central holding firms — centralization squared, I suppose.

Dorsey’s complaints about possession, web3 and the function of exterior capital in funding a lot of the crypto market got here to a head in a sequence of tweets posted between December 20 and 22, with the well-known Twitter person taking potshots at enterprise capital in crypto extra usually, and a16z specifically.

One instance for taste:

You don’t personal “web3.”

The VCs and their LPs do. It’ll by no means escape their incentives. It’s in the end a centralized entity with a distinct label.

Know what you’re stepping into…

— jack⚡️ (@jack) December 21, 2021

Them’s preventing phrases.

So what occurred most just lately? Effectively, a16z denizen and prolific Twitter blocker Chris Dixon took a shot again at Dorsey’s argument yesterday with the next:

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