Ethereum co-founder Vitalik Buterin has cast doubt on Jack Dorsey plans to pursue a decentralized finance ecosystem on BTC and Mark Zuckerberg’s desire to turn Facebook into a metaverse company. But Erin believes that these goals may not see much traction in the future.
Buterin revealed this during an interview on Bloomberg Television that Jack Dorsey, CEO of Twitter and Square Inc’s pursuit of a decentralized focused business using the flagship crypto-asset Bitcoin, may not turn out well. He said that BTC lacks the functionality to serve that potential uses, and it was designed mainly to be a “home currency.”
Just as it is known that Zuckerberg is also planning to explore the potentials of blockchain by converting his platform, Facebook, into a metaverse company, the Ethereum co-founder shared his doubt about this project too.
While speaking, he said that there is “just a huge amount of mistrust” about Facebook. He argued that building a separate platform could prove unfortunate and suggested Zuckerberg build on an existing blockchain instead.
Blockchain and crypto have been growing rapidly over the past decade. The space has also welcomed major players from sectors such as finance, technology, and more. Giant financial institutions such as Facebook, Twitter, JPMorgan, Goldman Sach, and others are working to utilize blockchain initiatives in their businesses. However, some are already in the space tapping the potentials of blockchain and crypto.
The above could have been why Buterin said that blockchain technology is a major threat to Facebook, Twitter, and other social networks. This could lead to a situation where we see established companies eventually losing out to upstarts.
When asked where he sees ETH Blockchain in five to 10 years, the engineer said, “hopefully, the metaverse.”