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- Bitcoin is not designed for what Dorsey wants to do, Buterin says
- Ethereum Founder Skeptical of Dorsey, Zuckerberg’s plans
- Ethereum co-founder Vitalik Buterin is skeptical of Jack Dorsey’s plans in decentralized finance and Mark Zuckerberg’s ambition to turn Facebook into a “metaverse company.”
Jack Dorsey and Mark Zuckerberg are into making big plans to dominate the cryptocurrency arena. However, Vitalik Buterin doesn’t seem to be impressed. Ethereum Co-Founder Vitalik Buterin recently shared his forecast for both Ethereum and Bitcoin.
However, he was very skeptical about Twitter CEO Jack Dorsey’s plans in decentralized finance. He also was unsure about Mark Zuckerberg’s ambition to turn Facebook into a “metaverse company.”
The engineer Vitalik Buterin is widely regarded as the inventor of Ethereum, the world’s most-used Blockchain. However, Buterin is not very impressed by Square Inc.’s chief executive officer Dorsey’s plan to create a new business focused on decentralized financial services that use Bitcoin, the number one cryptocurrency.
Facebook doesn’t have the functionality.
Buterin, in an interview with Bloomberg Television, said that Facebook doesn’t have the functionality to do that as it was mainly designed to be a “currency of the house.”
Buterin, known as the crypto’s most well-known developers, said that Ethereum and its native functionality enable users to directly put ETH or Ethereum-based assets into these intelligent contracts into these lockboxes. Suppose there is a unique or arbitrary condition that can govern how those assets get released. Buterin feels that Dorsay will have to create his system that enforces those rules.
On the other hand, Zuckerberg’s idea to turn his Facebook Inc. into a “metaverse company” was also met with skepticism by the creator of Ethereum. “Metaverse” refers to a vision of an internet-enabled virtual world where people have avatars and interact with digital assets and even corporeal objects via augmented reality.
Zuckerberg should build on the existing Blockchain instead.
Buterin feels that Zuckerberg is trying to anticipate the next phase of the internet before the rest of the world goes in some different direction, and Facebook is left in the dust. Zuckerberg is also involved in the Facebook-backed cryptocurrency project Libra — now called Diem. Buterin said that this had created a tremendous amount of ambiguity and distrust. Buterin suggested that instead of constructing its platform, Zuckerberg should build on the existing Blockchain instead.
Ether has significantly outperformed stocks like Facebook and Square.
Blockchain and crypto have surged rapidly in the past decade. The concepts have started to challenge significant players in the finance, technology, and consumer products segment. Recognized companies from Facebook and Twitter Inc. to JPMorgan Chase & Co. and Goldman Sachs Group Inc. have been working on integrating Blockchain into their existing businesses. However, many young-fast-moving companies have sprung up in the space that shows potential for disruption.
Buterin feels that blockchain technology poses a significant threat to Facebook, Twitter, and other social networks. Buterin said that these established companies would eventually lose out to the upstarts.
And he continues to have big plans for the Ethereum network. When asked where he sees it in five to 10 years, Buterin replied, “hopefully running the metaverse.”
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
