Cryptocurrencies are based on blockchain technology that is decentralized. These forms of money aren’t based on a particular bank or backed by any nation or government. They’re a technological form of currency open to anyone who wants to use them, regardless of where they are on Earth.
Replacing The American Dollar
Dorsey recently said that bitcoin is going to eventually replace the American dollar. This was a question rapper Cardi B. asked from her Twitter account, and Dorsey responded.
He’s been a public supporter of bitcoin since 2018, if not earlier. He’s even gone so far as to say online that crypto will eventually unite the country and planet, despite current divisions separating many people.
Jack Dorsey is not nearly as enthusiastic about Web 3 and how its development is funded. The modern online world is widely known as Web 2.0, and it’s mostly a centralized operation in the care of several major companies collectively known as Big Tech.
Web 3 or Web 3.0 is supposed to be the third generation of online services that arise from decentralized networks. The decentralized nature mimics how there aren’t specific power centers in cryptocurrency. However, Dorsey argues that whereas holders of cryptocurrency actually own their digital coins, online users won’t own Web 3. He tweeted that limited partner investors and venture capital firms will be the owners.
What does Twitter Have To Say
Responses on Twitter were mixed, especially among the cryptocurrency community. Some were critical of his stance, but others agreed with him.
Venture capitalists have been investing in many Web 3 firms at a growing rate. Andreessen Horowitz recently went through $36 million of Series A funding for Mysten Labs.
Elon Musk, the CEO of Tesla, joined in the conversation. He asked if anyone has seen anything from Web 3 so far, stating he has yet to see any of it.