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Jack Dorsey and Elon Musk Not Thrilled About Web3

Jack Dorsey and Elon Musk Not Thrilled About Web3

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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What is a Perpetual Contract in Crypto? (Definition + Example)

What is a Perpetual Contract in Crypto? (Definition + Example) What is a Perpetual Contract in Crypto? (Definition + Example)

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.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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