Jack Dorsey, backed by Elon Musk, expressed his concerns about Web3 and its "decentralized nature", which actually may turn out to be quite regulated, because of large investor influence.
The whole outrage came from the growing popularity and rumors on the Web 3.0 blockchain technology, which is said to be released in the near future. In short, Web3 should revolutionize how the internet works by making it completely free of big corporate influence.
However, big names such as Jack Dorsey (former CEO of Twitter and founder of Block), and Tesla CEO Elon Musk were not amused by this decentralized technology.
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Although the idea itself seems intriguing, Jack posted on his Twitter stating that people should beware of jumping onto the Web3 train without knowing how it actually works.
Likewise, Elon Musk chipped in by mocking the development process and complete absence of any leads that would indicate the emergence of Web3. Therefore, we can only speculate if the newest blockchain technology is coming out any time soon.
As of right now, the ex-Twitter CEO Jack Dorsey is on the path of creating a decentralized exchange for Bitcoin, on which he briefly touched on July 15th. This will essentially enable users to purchase or trade Bitcoin with full control of their wallets/crypto accounts.