Why did Jack Dorsey and Elon Musk criticize Web3?
They say Web3 is simply a marketing buzzword and creates another centralized world. This is quite true for most of the projects because it is mostly VCs who make money not individuals.
Currently, VCs are investing in Web3 projects and purchase Web3 coins at a lower price with more favorable terms than individuals. Our team highly doubts it is a true decentralization.
So what is a true decentralized Web3? Its ownership should be distributed widely, not exclusively to only a few large capitals. I want all rights and profits to be distributed to a wide variety of people, not to be monopolized by large VCs or certain companies.
If early stage of Web3 projects get investment from VCs, it's hard to build a true decentralized web, and if they don't get investment from VCs, it's hard to get attention from the world... It's so ironic. This is also why Web3 projects cannot refuse huge capital.
For the true Web3, we have to empower some startups that reject big capital. If VCs hold too many of the tokens, this is again a centralized community where a few, not many, have too much power.
The Web3 project I found is called "Dongle coin".
As a decentralized social media, they refrain from investment from VCs. If VCs hold too many of the tokens, this is again a centralized community where a few, not many, have too much power.
In addition, no matter how many coins one person or VC owns, they cannot control all of our Spaces. This is because holding our coins does not directly represent the power or control over the Spaces.
The dongle space is similar to the subreddit, but each space is owned and operated by the NFT corresponding to each space. Each space can be seen as being connected to each other as a dongle, but it is clearly an individual existence.
The Spaces are all separate entities. In order to access the space, an NFT corresponding to the space is required.
You might be able to have some control, but having too much control and failing to make it valuable or decentralized will have others to create other Spaces.
(It means that even if there is a Funny space, you can recreate the another Funny space)
I hope that various people in various fields spread this project.