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23 Dec, 2021 16:50

Venture capitalist blocks Jack Dorsey on Twitter

Venture capitalist blocks Jack Dorsey on Twitter

Silicon Valley heavyweight Marc Andreessen has blocked Jack Dorsey on Twitter – the social media platform the latter co-founded – for his comments on Web3.

The ban came after Dorsey criticized the venture capital industry and made several comments about the firm Andreessen co-founded, Andreessen Horowitz. 

“I’m officially banned from Web3,” Dorsey tweeted on Wednesday, alongside a screenshot showing he had been blocked by Andreessen. 

This week, Dorsey expressed a series of views on Web3, a new iteration of the internet that incorporates decentralization based on blockchain technology. The entrepreneur said Web3 would be owned by rich venture capitalists such as Andreessen instead of “the people.”

Andreessen, who made billions from early bets on companies such as Facebook, has now backed a number of firms that are working on technologies that could one day underpin Web3. 

“You don’t own Web3,” Dorsey tweeted on Tuesday. “The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.”

Unlike Web 2.0 where data and content are centralized in the hands of Big Tech companies, Web3 is premised on the idea of decentralization, and incorporates the use of blockchain technologies such as cryptocurrencies and non-fungible tokens.

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