Recognized as a proud crypto mogul and the inventor of Ethereum, Vitalik Buterin has created a buzz in the decentralized sphere by sharing his skeptical take on Jack Dorsey and Mark Zuckerberg’s highly-anticipated plans for crypto development. Jack Dorsey is the CEO of leading digital payments firm Square Inc. while Mark Zuckerberg is the chief of social networking giant, Facebook. In an interview with Bloomberg Television, Buterin doubted the success of the plans designed by Dorsey and Zuckerberg to expand their hold in the sector.
According to reports, Vitalik Buterin made some shocking statements about the development initiatives proposed by the enowned business chiefs during the Bloomberg TV interview. Square Inc. is looking forward to design an ecosystem that uses decentralized financial services fueled by Bitcoin, the world’s largest crypto network. However, throwing light on Dorsey’s future plans, Buterin stated that Bitcoin cannot be employed for such a business as it has limited functionality, making it a potent solution for in-house working only.
Talking about the efficiency of Ethereum, Buterin revealed that the channel has a lot of potential to support functionality within the cluster. Investors can put Ethereum-based assets and tokens into smart contracts that facilitate token management after fulfilment of pre-decided conditions. He thinks if Dorsey plans to use Bitcoin, he will have to design his native channel that enforces the conditions. He predicts that Ethereum would be ruling the metaverse in the next ten years.
Zuckerberg is striving to keep Facebook in the race by anticipating the future of the Internet technology, said Buterin while addressing questions related to Zuckerberg’s inclination towards crypto. He commented that Zuckerberg wants to transform Facebook into a metaverse firm before the entire industry shifts to the new-age technology sphere. In his discussion, Buterin did not fail to mention Facebook’s highly-anticipated crypto coin, Libra (now known as Diem). He suggested that Facebook should build its token on an existing blockchain network rather than designing its own. This will help the firm to salvage its image in the market space.
Crypto and blockchain products have earned immense popularity and support from business hubs and investors in recent years. Crypto token projects are getting constant hype from renowned firms belonging to various industrial domains. The list includes Twitter, Goldman Sachs, JPMorgan Chase & Co., etc. Elon Musk’s recent support of Dogecoin is a perfect example to highlight that crypto is here to stay successfully for a long time. The Ethereum chief conveyed that blockchain technology is likely to hamper the growth of social media channels, with startups giving stiff competition to existing firms.