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Web3 doesn’t provide value to society, says Dogecoin co-founder

Web3 doesn’t provide value to society, says Dogecoin co-founder 2

Jackson Palmer shared his opinion on the Web3 trend and claimed that it has zero value.

Jackson Palmer is the co-creator of Dogecoin. In 2013, Jackson and his friend Billy Markus launched the Dogecoin project. The Dogecoin project grabbed huge traction in the crypto industry even though the concept of Dogecoin was nothing. At present, Dogecoin stands in the top 10 ranked crypto assets because of the support of the world’s richest person Elon Musk.

Sydney Morning Herald reported that Palmer said that Web3 is a decentralized model of the new internet ecosystem, which is the solution of nothing. Indirectly Palmer said that Web3 is useless for the current internet ecosystem.

Palmer said:

“I think it’s (Web 3.0) a hammer in search of a nail, and it doesn’t provide much value back to society in any meaningful way.”

On the endless trend of NFTs digital collectibles, Palmer said that it is only a type of hype, which is helping to bring huge numbers of people into this crypto industry.

Dogecoin co-creator also noted that every two to three years a new narrative comes He noted that in 2009, people were talking about the abilities of Bitcoin to replace all the banks but when it failed then people considered it as the best store of value asset.

Palmer also noted how ICOs projects, to raise funds for new crypto projects, grabbed the trend, and later the crypto market adapted the Decentralized finance (Defi) concept as a new trend.

According to Palmer, NFTs are currently standing as a trend just like ICOs & Defi were.

Palmer added:

“We have NFTs, which are simply the latest in a long string of changing narratives, so the industry can get a bunch of new suckers in.”

The report also confirmed that Palmer believes that crypto & blockchain technology are not necessary to bring decentralized nature to any kind of protocol.

Further, Palmer said that he is a big fan of decentralized projects and also he worked on decentralized social media projects, where no crypto or blockchain was required to operate.

Read also: Fed official says you can’t create confidence in crypto

Web3 doesn’t provide value to society, says Dogecoin co-founder




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