Dorsey And Zuckerberg Going Wrong In Crypto, Said Buterin

Ethereum creator Vitalik Buterin says Jack Dorsey and Mark Zuckerberg are taking the wrong approach while talking about the future of a decentralized Internet and the possible threat to companies like FB and Twitter.

Recently, Buterin expressed his reservations about Jack Dorsey and Mark Zuckerberg's ambitious cryptocurrency plans.

Ethereum inventor Vitalik told Bloomberg that he is skeptical of Dorsey’s plan of launching a decentralized finance platform where developers could run Bitcoin projects. Vitalik said that Ethereum has native functionality that allows you to directly put Ethereum-based assets into smart contracts or “lockboxes.”, while Bitcoin doesn’t provide the same functionality.

According to Buterin Dorsey run Square would have to create its own system that enforces those rules. "The Bitcoins would probably have to be owned by a wallet controlled by Dorsey or participants in the system," he added.

Regarding Bitcoin, Buterin added it’s not likely to ever substitute the dollar completely, reason being the price stability the latter provides. "At the same time, I think cryptocurrency can still have a very powerful and important role alongside existing currencies,", Buterin.

Facebook Founder and CEO Mark Zuckerberg recently said that he wants FB to be thought of as a metaverse company. But when it comes to FB's foray into crypto with its Libra coin, was possibly the wrong approach, in Buterin' assesment.

According to Buterin, FB suffers from a lack of trust. Though it brought in many industry participants, it has not been enough to quiet the doubters.

"The thing that happened during the pandemic is that we’ve basically very quickly switched from a world where the physical world was people’s primary center of experience and the Internet was this new add-on, to a world where the Internet really is the center of people’s experiences," he said about the shifting role of the Internet in people’s lives.

On the questions about Ethereum and where the cryptoplatform would be in the next five or 10 years, optimist about future of Etherum, Buterin replied - "Hopefully running the metaverse,"