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23-12-2021|Business

Jack Dorsey blocked on Twitter by Marc Andreessen after Web3 comments.

  •  The block comes after Dorsey criticized the venture capital industry and made several remarks about Andreessen Horowitz in particular.
  • "Web3" — a prospective new decentralised version of the internet built on blockchain — would be owned by wealthy VCs like Andreessen rather than "the people," according to the entrepreneur.
  • "I'm officially banned from Web3," Dorsey tweeted on Wednesday alongside a screenshot showing he had been blocked by Andreessen.

Marc Andreessen, a well-known venture capitalist, has prevented Jack Dorsey from using Twitter, the social media platform he co-founded.

The ban comes after Dorsey criticized various aspects of the venture capital industry and made several explicit comments against Andreessen Horowitz, the firm he co-founded.

Dorsey has offered a variety of opinions on "Web3" — a possible future decentralised version of the internet built on blockchain — this week. Most significantly, the entrepreneur stated that Web3 would be owned by wealthy VCs such as Andreessen rather than "the people."

He tweeted, "You don't own 'web3,'" "It's the VCs and their LPs who do it." Their motivations will never let them down. It's a centralised organisation with a different label at the end of the day."

Dorsey then tweeted on Wednesday, "I'm officially banned from Web3," accompanied with a screenshot of Andreessen blocking him. Several other Twitter users who have been blocked by Andreessen have responded with similar screenshots.

Andreessen, who made billions from early investments on businesses like Facebook, has supported a number of startups developing technologies that could one day power Web3.

Andreessen also co-created the first widely used point-and-click web browser, which became Netscape, with programmer Eric Bina.

On their website, Andreessen Horowitz maintains a page named "web3 Policy Hub" with the subtitle "We Deserve a Better Internet."

"We don't have all the answers," the VC continues, "but we're excited to collaborate with politicians, civil society, and other partners to create an affirmative vision for how to use these powerful new tools to help society."

What is Web3?

Web3 is still a hazy concept, but it's likely to be powered by blockchain, the technology that underlies several big cryptocurrencies and nonfungible tokens, or NFTs. Around the world, a slew of entrepreneurs are attempting to design and construct the technologies and protocols that will support Web3.

Web3 supporters think that today's online platforms are too centralised and dominated by a small number of powerful internet businesses, such as Amazon, Apple, Alphabet, and Facebook parent company Meta.

When Tesla CEO Elon Musk questioned if any of his 67.4 million Twitter followers had seen Web3, Dorsey implied that it was already under Andreessen Horowitz's control.

"It's somewhere between a and z," said Dorsey, who stepped down as Twitter's CEO last month to focus on Block, previously Square, his payments start-up.

Web3's army of followers wants to see the internet's power placed in the hands of ordinary people, not venture capitalists. They believe it is too huge and essential to be managed by a small group of firms or investors. The internet is now critical to the global economy, powering everything from nuclear power plants to hospitals.

Beyond the internet, cryptocurrency entrepreneurs and users of coins like bitcoin and ether are spearheading a major effort to decentralise finance (DeFi).

Dorsey, who has raised money from venture capitalists for both Twitter and Block, is a huge supporter of bitcoin, and his Twitter bio simply says "#bitcoin" followed by the bitcoin symbol. Other cryptocurrencies, on the other hand, are less appealing to them.

He responded to a Twitter user late Wednesday, claiming he isn't inherently anti-ethereum, the technology that powers the cryptocurrency ether (ETH) and hundreds of decentralised applications, including those supported by Andreessen Horowitz.

"I'm anti-centralized, venture capital-owned, single point of failure, and corporate-controlled lies," Dorsey added. "I promise you it isn't ethereum if your purpose is anti-establishment."

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