Ethereum creator criticizes Facebook and Twitter blockchain projects

The co-founder of the Ethereum platform has questioned the possible success of blockchain projects being developed by Facebook founder Mark Zuckerberg and Jack Dorsey of Twitter.

According to Vitalik Buterin, the projects of the two tech giants are missing the necessary features to have features like DeFi.

In an interview with Bloomberg TVVitalik made several statements about the blockchain projects of Mark Zuckerberg and Jack Dorsey. According to him, the Twitter founder’s plan to build a DeFi platform on Bitcoin is unsustainable as Bitcoin has limited functionality and cannot be an effective solution for decentralized applications.

“I am skeptical about decentralized finance in Bitcoin … Ethereum has built-in functionality that allows you to directly put Ether or Ethereum-based assets into these smart contracts, these vaults. Then there are arbitrary conditions that can govern how these assets are released. “

Jack Dorsey intends to create a decentralized financial platform based on Bitcoin, for Vitalik the solution may not be better than Ethereum.

“Jack will essentially have to create his own system to enforce the rules, and at the bitcoin level, bitcoins will simply have to belong to a multi-signature wallet that is controlled by Jack or the participants in the system. It looks similar, but it will end up with something with a much weaker trust model. This is the reason why Ethereum was originally created as a separate system. “

Facebook

As for the Facebook blockchain project, Zuckerberg wants to turn the social network into a metaverse by intelligently predicting that the future of the Internet lies in decentralized technology.

But, according to with Vitalik, Facebook’s currency should be translated into the existing blockchain, rather than trying to create its own blockchain.

He also mentioned the benefits of the Ethereum blockchain, such as the ability to run smart contracts and smart mechanisms to manage tokens. Vitalik is confident that Ethereum will become a powerful ecosystem in the next 10 years.

In mid-July 2021, Jack Dorsey announced plans to create an open source blockchain platform, subject to clarification, to launch decentralized financial services. He explained that he plans to build it on the bitcoin blockchain.