The Infiltration Of Venture Capitalists
This can completely upend Web 3.0 if we are not careful.
Venture Capitalism and Web 2.0 went hand-in-hand. We are now being confronted with what is taking place within the set up and development of Web 3.0.
In this video I discuss how we much move passed this and provide our own financing. This is going to avoid the situation where users are pitted against the VCs.
▶️ 3Speak
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Thanks, boss for his wonderful update and I hope this new initiative works out very for the user.
Sorry, but still not clear to me in what way VC becomes a threat to Web 3.0. I read somewhere that 87% of bitcoin is owned by just 1% of network of companies that developed special chips for mining . Not sure if that is accurate, but that's how I understand one white paper saying that's basically the problem with 1st generation cryptocurrency that makes it inaccessible to the masses. If this is true, I am just thinking if this is connected in some way to the threat that you foresee due to the infiltration of VC into "Dapps."
Summary:
In this episode, the speaker delves into the topic of venture capitalism, discussing its role, significance, and potential impact on the cryptocurrency space, particularly in the context of Web 3.0. He highlights the influx of venture capital into the development of applications in the crypto sphere and stresses the importance of funding development independently within the cryptocurrency community to prevent external influence and maintain user-centric approaches. The speaker advocates for the use of decentralized autonomous organizations (DAOs) as a funding structure for projects to ensure alignment with user interests.
Detailed Article:
The speaker initiates the discussion by emphasizing the role of venture capitalism in funding technology companies, acknowledging its importance in providing startup capital for companies that may not have access to traditional funding avenues like banks. Mentioning tech giants such as Facebook, Google, and Uber, he underscores the historical significance of venture capital in the technological evolution we have witnessed.
The dialogue then transitions to the current scenario in the cryptocurrency space, particularly regarding the flood of venture capital into second-layer applications. The speaker expresses concerns about potential conflicts between user interests and venture capitalists' profit motives. He points out the tendency for VC-funded applications to prioritize monetization, potentially leading to intrusive advertising and user experience compromises.
Furthermore, the speaker warns against the increasing influence of venture capitalists in the cryptocurrency realm, particularly in the development of Web 3.0 applications and decentralized finance (DeFi) projects. He stresses the need for the crypto community to fund its own development to maintain autonomy and user-centric values, advocating for the utilization of DAOs to align project funding decisions with community interests.
Drawing parallels with existing blockchain projects like Hive, the speaker highlights the success of community-driven development models and the importance of open-source software in fostering a healthy ecosystem. He underscores the significance of applications not being solely controlled by venture capitalists to prevent user alienation and maintain community alignment.
In conclusion, the speaker calls for a shift towards decentralized funding structures and the exploration of DAOs as a business model for project development in the cryptocurrency space. By advocating for community-driven initiatives and independent funding mechanisms, the speaker aims to safeguard the integrity and user-centric nature of cryptocurrency applications in the face of growing venture capital influence.
In summary, the speaker's insights shed light on the potential implications of venture capitalism on the cryptocurrency space, urging for community-driven funding models to preserve decentralization and user alignment in project development.