The episode of gm podcast featured Amy Wu, the chief of FTX’s Web3 fund. She discussed Jack Dorsey’s beef with the Web3 idea as well as Andreessen Horowitz’s over-sized role in this space.
She stated that healthy skeptics, like her, will keep the Web3 ecosystem healthy.
She said that Web3 is being centralized because of the constant narrative and paranoia. This is similar to the rise of other industries, such as the Internet. “I believe it’s important for people to be paranoid about it and to identify bad actors.”
Elon Musk and Jack Dorsey mocked Web3 in December. They said that it was a buzzword and something that will eventually be centralized and controlled VCs, especially Andreessen Horowitz (a16z). This happened shortly after Dorsey was removed from his position as CEO of Twitter. Since then, Twitter has adopted more non-Bitcoin-related initiatives, including an Ethereum tip-jar.
Wu stated to Decrypt she does not believe that a16z is one of the “bad actors” and that the majority of the industry is “swimming the same way at the moment due to its youth. Wu also admitted that a16z is a huge competitor among crypto funds.
Web2 them
Wu stated that Web3 will be a magnet for Web2 developers, especially after a number of cross-chain protocols are launched later in the year. These bridges may make developers more confident when working on new products for a particular chain.
Vitalik Buterin , Ethereum’s co-founder, has stated that he believes crypto’s future will be “multi-chain,” and not “cross-chain.” He cited potential security flaws in bridge protocols as the main reason for his belief. This concern was confirmed in a 320 million hack just a month later.
Wu stated that she believes security will improve over time. Wu expressed concern about the frequent rug pullings in crypto-world and suggested that both automated as well as decentralized auditing smart contracts could provide relief.
Listen to the entire episode on Spotify or wherever else you get your podcasts.