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For all the attention that Web3 is getting, former Twitter chief Jack Dorsey is no fan. He has been tweeting against it lately. On Thursday, he wrote, “I’m officially banned from web3," after Marc Andreessen of Netscape fame and co-founder of Andreessen Horowitz (al6z), a venture capital firm that invests in Web3 startups, blocked him on Twitter. A day earlier, Dorsey, who runs Block, a blockchain-focused payments business, had tweeted that venture capitalists actually own Web3.

With more than $3 billion committed, Andreessen was understandably peeved. But why is Dorsey against Web3? His lament is broadly that it won’t turn out to be the decentralized internet that it’s being touted as and would still result in concentrated control of the sort Big Tech wields. He isn’t alone as a Web3-sceptic. On Tuesday, Tesla’s Elon Musk tweeted: “Has anyone seen web3? I can’t find it." To this, Dorsey replied: “It’s somewhere between a and z," referring to a16z. For the uninitiated, Web3 is the third iteration of the internet. It’s expected to use blockchain technology and reverse trends of capital centralization. Just how revolutionary will it be? We’ll know soon enough.

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