No doubt that Jack Dorsey has always been a Web 3.0 critic as he claims that venture capitalist are involved or is he just mad that he wasn’t one of the pioneers of web 3 and he is feeling a little left behind. I can vividly remember the huge call out he made on Twitter, although some of his details had some facts but we can’t deny the fact that decentralization can’t create itself. Even the most decentralized coin in the world, bitcoin, was sometimes centralized by Satoshi. I believe the concept of centralization and decentralization depends on the dev team behind the project.
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If he was worried about web 3 and decentralization, why hasn’t he checked Hive, Hive is the most decentralized web 3 platform we have in the world at the moment. But Jack Dorsey has turned a blind eye on Hive for 2 years now, once again, I guess he is not interested since he wasn’t a pioneer. What do you do when you have a lot of money at your disposal? You create your own show. Web 3.0 is supposed to be a decentralized internet where there is no central authority but Jack Dorsey doesn’t consider it decentralized enough and thinks it’s time to build a much more decentralized internet using bitcoin as the key factor.
What Happened To Web 4?
I guess at this point no one cares about Web 4. I thought we were going to have to reach this space stage by stage, we have not fully embraced Web 3.0, Jack Dorsey is introducing Web 5. Could it be that Jack Dorsey came up with Web 5 by adding the concept of Web 2 and what he thinks supposed to be Web 3 together? Making it Web 2 + Web 3 = Web 5. Expected, because he is one of the kings of Web 2, he co created one of the biggest Web 2 platforms in the world which is the social media.
Bitcoin expected to be the foundation where Jack Dorsey intends to build Web 5 seems like a good idea. This is expected to give users what decentralized internet feels like, free from third party control especially the government. This time, control of the internet will be totally done by the users. Jack Dorsey is using his TBD which was built to help provide decentralized finance using bitcoin, to build Web 5. Unlike Web 3.0 that relies on venture capitalist and most importantly their funding, Web 5.0 won’t rely on them. But in my opinion, Jack Dorsey is the biggest venture capitalist in this initiative because he is the one providing all the funding needed to get Web 5 built and it’s being built by his company TBD.
Well, Jack Dorsey doesn’t think that tokens are necessary to be invested in Web 5 as other Web 3.0 incentivize users with tokens. Well, what Jack Dorsey is trying to build doesn’t seem different from what Hive is, but according to him he is calling it the first Web 5.0. In my opinion it’s just Web 3.0 rebranded as Web 5.0, Jack is just trying so hard to be different and not follow the Web 3.0 crowd.