The engineer widely recognized as the inventor of Ethereum, the world’s most widely used blockchain, questioned Square Inc. CEO Dorsey’s plan for the company to create a new business focused on decentralized financial services that use Bitcoin The largest cryptocurrency, Buterin said in an interview on Bloomberg Television, doesn’t really have the functionality to do that, as it was largely designed to be a “house coin.”
“In Ethereum there is a native functionality that allows you to essentially directly put ETH or Ethereum-based assets in these smart contracts, in these safes, where there are arbitrary conditions that can govern how those assets are released,” said Buterin, who It is one of them. from the best known cryptocurrency developers. “Basically, Jack will have to create his own system that enforces those rules.”
Zuckerberg’s idea to turn his Facebook Inc. into a “meta-versant company” was also greeted with skepticism by the crypto mogul. Zuckerberg is clearly trying to anticipate the next phase of the Internet “before the rest of the world goes in a different direction and Facebook is left in the dust,” Buterin said. He noted that Zuckerberg has also been involved in the Libra cryptocurrency project, which is now called Diem and is backed by Facebook.
There’s “a lot of mistrust” about Facebook, Buterin said, so building your own platform could prove unfortunate. Instead, he recommended that Zuckerberg build on the existing blockchain.
Blockchain and cryptocurrencies have grown rapidly over the past decade, with concepts beginning to challenge the dominant players in areas such as finance, technology, and consumer products. Established companies from Facebook and Twitter Inc. to JPMorgan Chase & Co. and Goldman Sachs Group Inc. have been working on ways to incorporate blockchain into their existing businesses. But many young, fast-moving companies have emerged in the space that show potential for disruption.
Buterin says that blockchain technology poses a great threat to Facebook, Twitter, and other social media. He said we could see that established companies would end up losing to new ones.
And he still has big plans for the Ethereum network. When asked where he sees it in five to 10 years, Buterin replied, “hopefully directing the metaverse.”