Although the founders of Twitter and Facebook, Jack Dorsey and Mark Zuckerberg, are making big plans in the field of cryptocurrency, the founder of the Ethereum network, Vitalik Buterin, believes that those plans will not receive much attention.
According to Arabiya Net, the inventor of the blockchain network known as Ethereum - the most widely used in decentralized finance globally - questioned Twitter CEO Jack Dorsey's plan to In creating a new platform focused on decentralized financial services that uses Bitcoin, Buterin said in an interview with Bloomberg TV that the largest cryptocurrency doesn't really have the functionality to do so because it was largely designed as a family-oriented currency.
Buterin added: For Ethereum, there are native functions that allow you to put assets backed by the cryptocurrency Ether or the decentralized Ethereum network directly into smart contracts, which can be likened to funds locked assets, as there are then rules that can govern how these assets are released. But Dorsey would essentially have to create his own system to enforce such rules if he wanted to rely on Bitcoin.
He also criticized Zuckerberg's idea of turning Facebook into what is known as the metaverse, which means creating a platform that combines physical reality and virtual space, where users can interact with an environment created via The computer and other users include an integrated economy and a complete social experience. Buterin said it's clear that Zuckerberg is trying to anticipate the next phase of the internet before the rest of the world goes in a different direction and Facebook is a thing of the past.
He also referred to Facebook's plans to launch Diem, with Buterin saying there is a huge amount of mistrust about Facebook, so creating his own platform could be a bad thing. Zuckerberg recommended building on the existing blockchain network instead.
Buterin sees blockchain technology as a major threat to Facebook, Twitter, and other social networks.
It is believed that the use of blockchain technology may lead startups relying on it to displace existing large companies.
