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Ethereum creator warns of social media threat from blockchain technology

Ethereum creator warns of social media threat from blockchain technology

Ethereum creator Vitalik Buterin questioned the potential popularity of cryptocurrency platforms that Facebook CEO Mark Zuckerberg and Twitter and Square CEO Jack Dorsey are planning to develop. He spoke about his doubts about the success of these plans in an interview with Bloomberg.

According to Buterin, Dorsey’s plan to create a new business focused on decentralized financing (DeFi) using Bitcoin may not work. Bitcoin, the largest cryptocurrency, said the creator of Ethereum, lacks the functionality required for DeFi, it was designed to be the “home currency” of the blockchain network. One of the most famous crypto developers noted that Ethereum, unlike Bitcoin, has its own functionality that allows you to directly put ether (ETH) or Ethereum-based assets into smart contracts, lock safes, which make it possible to control the exit from them by arbitrary rules. “Basically, Jack will have to create his own system to enforce these rules,” Buterin said.

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The developer recommended Facebook founder Mark Zuckerberg to abandon plans for the development of his own cryptocurrency project Diem (previously called Libra). According to Buterin, there is “just a huge amount of mistrust” about Facebook, so creating your own platform could be unsuccessful. He advised Zuckerberg to use existing blockchain systems for crypto-building. With even greater skepticism, he spoke about Zuckerberg’s idea of turning Facebook into a “metaverse.” Zuckerberg is clearly trying to anticipate the next phase of the Internet, “before the rest of the world goes in some other direction and Facebook is left in the dust,” Buterin said.

Buterin said blockchain technology poses a serious threat to Facebook, Twitter and other social networks. He noted that established companies ultimately “lose out to upstarts.” When the developer was asked where he sees Ethereum in five to ten years, Buterin replied: “I hope he will manage the metaverse.”

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