Cash.Tech Newsletter #9: Twitter wars highlight growing struggle to decentralize the web
The cryptocurrency community on Twitter was recently involved in a heated dispute. The subject was Web 3.0, an emerging sector of the crypto space that many believe will disrupt existing financial systems. Former Twitter CEO Jack Dorsey led the voice of enthusiasts against the perceived misrepresentation of Web 3.0, with another camp composed of people in support of the emerging crypto sector.
In this week’s Cash.Tech Newsletter, we explain the concept of Web 3.0 and bring you a roundup of the Twitter wars. We’ll also review why Web 3.0 has the potential to become the internet of the future and the role that Cash.Tech plays in realizing that vision. The Android and IOS Application has been submitted for release on the mainnet. We do expect a mainnet availability within the next two to three weeks.
What is Web 3.0?
Web 3.0, written as web3 for short, is a terminology that describes a new era of internet-based applications. The core principle is the creation and adoption of platforms that place power on the shoulders of individual users, instead of the big tech companies. These companies supposedly utilize user data and content primarily for profit making and redistribute little or nothing to these customers. The concept of Web 3.0 disrupts these systems and replaces them with platforms where individual users govern the underlying protocols, share in profit making, and ultimately decide the future of the internet.
Blockchain technology plays a critical role in the idea of Web 3.0 as it enables the creation of governance structures that were previously impossible for centralized products. Thanks to the use of tokens, users can transparently vote on upgrades involving their favorite protocols and also earn rewards for their contribution to the platform’s growth.
Web3 is already taking shape across three main sectors, namely, Decentralized Finance, Gaming, and Art. In the world of DeFi, Web3 has created on-chain financial products owned and governed by a community of users. Web3 gaming has enabled the development of games that allow true ownership of in-game assets, thus rewarding users for their time and effort. Lastly, web3 has empowered artists to exclusively create and issue digital artworks in the form of non-fungible tokens (NFTs). Interest in these innovations have soared in recent years, evidenced by growing Google search volumes for related terms such as “DeFi,” “play-to-earn,” and “NFTs.”
“Play-to-earn” search volume (Google Trends)
“DeFi” search volume (Google Trends)
“NFTs” search volume (Google Trends)
Despite these perceived advancements, a recent Twitter bust challenged the current foundations being led for Web3, especially the core tenet of building protocols owned by individual users instead of large corporations.
Web3 Twitter Wars
Block.Inc CEO and former Twitter founder Jack Dorsey instigated the debate with the above tweet suggesting that web3 protocols are mainly owned by venture capital firms and their limited partners, instead of individual users. These “VCs and their LPs” provide funding to protocol teams in exchange for large portions of tokens which ultimately gives them power to sway protocol governance in their favor.
Tesla CEO Elon Musk lent his voice to the argument by calling web3 a “marketing buzzword,” and jokingly tweeting: “Has anyone seen web3? I can’t find it.” Jack Dorsey’s reply, ““It’s somewhere between a and z,” was a cheeky reference to a16z, a popular VC firm with large investments in so-called web3 startups.
With two of the world’s most popular tech entrepreneurs criticizing the foundations of web3, it wasn’t surprising to see key investors and enthusiasts fight back. Marc Andreesen, a16z’s co-founder responded by blocking Jack Dorsey on Twitter while Coinbase’s former chief technology officer and now a famous web3 investor, Balaji Srinivasan tweeted “If it’s ok for a founder to set up a company, sell some equity, and keep some for the founding team, then — even if tokens aren’t equity — premines are fine.”
There was also a tweet referencing the fact that the decision of web3 startups to raise money from venture capital firms instead of individual users is a result of outdated securities laws which bar unaccredited investors from accessing such offerings. Although the web3 Twitter wars have subsided at the time of writing, it highlighted the growing struggle to decentralize the web and the role that solutions such as Cash.Tech play in realizing that vision.
Decentralize the internet of the future
A key takeaway from the Twitter wars is that Web3 has the potential to put power back in the hands of users. Although the current landscape is not devoid of criticism, it can be significantly improved through the provision of infrastructure that makes it relatively easier for anyone with access to the internet to onboard web3 applications.
The Cash.Tech wallet is designed to fill this role by allowing users full self-custodial access to the exciting world of web3. Users can access their favorite DeFi applications, gaming platforms, and NFTs from a single wallet to which they control the private keys. As the global community for web3 expands, there is a greater chance for community-led protocols to emerge and fully deliver on the promise of a decentralized internet.
Cash.Tech wallet is already connected to the testnet and fully functional for Android and iOS devices. Make sure to download the wallet to get first-hand experience.
