In a series of Tuesday tweets, Jack Dorsey, the co-founder and former CEO of Twitter, equally well equally the founder and CEO of Square (at present Block), voiced his criticism over the direction of Web iii.0 evolution. Elon Musk, the CEO of Tesla, joined Dorsey in the mockery. (On an unrelated notation, the same twenty-four hours, Dorsey replied, "Bitcoin volition" when asked if crypto volition supplant the dollar.)

Within context, Web iii.0 is a decentralized version of the virtual world that will, in part, feature public blockchains, metaverse technology, nonfungible tokens and decentralized finance gratis from the grasp of centralized power sources, such equally corporate servers.

Even so, Dorsey took aim at the fact that venture capital firms, or VCs, and limited partnerships, as well known as LPs, frequently fund Web iii.0 projects in directly competition with decentralized alternatives such every bit initial coin offerings. By owning a controlling stake, VCs and LPs tin pressure blockchain founders to comply with centralized regulations, such as collecting Know Your Customer (KYC) data,  that conflict with their core crypto philosophy.

Although he didn't have much to add together, Elon Musk commented that Web 3.0 projects haven't really lived upward to their proper name.

Related:Indian state authorities to accredit Web two.0 and Web 3.0 blockchain startups

Co-ordinate to a report past PitchBook, fintech firms received $88.3 billion in aggregate funding from venture upper-case letter through the get-go three quarters of 2022, almost double the 2022 total of $44.9 billion. The report also highlighted the growing mainstream acceptance of cryptocurrencies equally one potential growth driver, specially as more institutions look to access digital avails.

Every bit for Dorsey, the quondam Twitter CEO appears to be much more vocal most his intent to contribute to the Bitcoin (BTC) economy since stepping down from the social media company in November. As Cointelegraph previously reported, Dorsey plans on building a decentralized commutation for Bitcoin that volition make it easier to fund a not-custodial wallet.