Billionaire tech entrepreneur became venture capitalist, Marc Andreessen says Web3 and the underlying blockchain technology reminds him of the rise of the early internet.
Andreessen, better known today as co-founder of blockchain-based venture capital firm Andreessen Horowitz (a16z), initially succeeded in developing the first widely used web browser called Mosaic, and later founded Netscape Navigator, which dominated the wide-ranging browser market. of 1990.
When Andreessen appeared on the broadcast Bankless with his investment partner and collaborator Chris Dixon, Andreessen said that the increased adoption and development of Web3 seemed remarkably similar to the activity that marked his first years in technology.
Andreessen stressed that he would not make such a comprehensive comparison ineffective and that this would be the first time he had made such a claim.
“This is the only time I have said this [Web3] is like the internet. If you go back through all my historical statements, one would imagine that with my experience I could have said this 48 times. I’ve never done the comparison before. “
“I never said that about other technologies, because I just wanted people to know that I do not take comparisons lightly.”
Although parallels between the recording of blockchain technology and early internet have often been made by crypto enthusiasts (much to the chagrin of crypto critics), Andreessen’s frontline experience gives him a unique power to make such statements.
He added that the current Web3 landscape attracted the smartest people in the world.
“The easiest way to think about it is when you get something like this that has movement, that has such a common effect and has movement behind it, and actually attracts a lot of the smartest people in the world to work on it. the critics play differently than the critics think. “
By pushing back the “long list” of criticism of cryptocurrencies and digital assets, Andreessen said Web3 entrepreneurs see these “problems” as opportunities.
“The critics make this long list of all the problems, but you get these geniuses of engineers and entrepreneurs [who] flow into the space. What happens is that they see this list of problems as a list of opportunities. “
“It would be like having a homework assignment [that] was going to the side and you get all these complaints and then all the best architects and janitors in the world came the next day to fix your house, “he said.” Suddenly you have the best house in the world. That fact must be taken into account. “
Andreessen said Web3 was a “lost” link to the Internet, bringing trust, sovereignty and financial utility to the ecosystem.
“We needed trust, authority, permission. We lacked the ability to trade with people for trusting relationships, trade, send money, store money, and then have a completely different economic arrangement that the world wants. [such as] loans and contracts and insurance and all that and everything else. “
A16z, formerly known for its initial investments in Instagram and Slack, first entered the cryptocurrency industry by investing in Coinbase in 2013 and has since supported major cryptocurrency companies, including Polychain Capital, OpenSea, Solana (SOL), Avalanche (AVAX) and Yuga Labs.
One week ago, it announced the introduction of its fourth $ 4.5 billion cryptocurrency, bringing the total amount Andreessen Horowitz invested in cryptocurrencies to just over $ 7.6 billion.
According to a letter written by managing partner Chris Dixon, a16z launched the latest fund to leverage what Dixon calls the “golden age” of Web3 development.
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Andressen ended the broadcast with a concise explanation of why the a16z gives so much money to the industry.
“We could really imagine the whole world economy going on a blockchain like 30 or 50 years from now.
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