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. we want all rights and profits to be distributed to a wide variety of people, not to be monopolized by large VCs or certain companies.
However, there is a sticking point. 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.
But we've decided to build a real decentralized web. As a decentralized social media, we 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.
Dongle Space is a Decentralized Social Network where users can own their content and community. All logins will be logged in using crypto. The dongle does not collect any personal information and does not track individual activities. Access history is also completely deleted by “selective deletion” technology. Dongle Spaces feature ownership, uncensorship, privacy and anonymity. Dongle Spaces collectively constitute a Dongle Community.
In addition, for the true Web3, we're building another system. No matter how many coins one person or VC owns, they cannot control all our community. This is because holding our coins does not directly represent the power or control over the Spaces.
Each 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.
We want to solve all this irony and build a true Web3 by Muggles, not Web3 by big capital. We want to let more people know about our project.