X

Vitalik Buterin have no confidence on Jack Dorsey’s Bitcoin ‘Defi’ Plan

Vitalik Buterin have no confidence on Jack Dorseys Bitcoin ‘Defi Plan

Vitalik Buterin have no confidence on Jack Dorsey’s Bitcoin ‘Defi’ Plan – Vitalik Buterin, the co-founder of Ethereum blockchain recently appeared on Bloomberg to express his views on the upcoming ETH 2.0 upgrade and answered questions on Jack Dorsey’s Bitcoin Defi Plans and Mark Zuckerberg’s metaverse on Studio 1.0 as well.

Buterin said Dorsey’s plan of creating a defi like ecosystem on Bitcoin could backfire as it doesn’t have the necessary functionalities to support it. He went onto claim that Dorsey might have to create a new ecosystem from the scratch saying he is very skeptical of it. He said,

“I am skeptical about Decentralized Finance on top of Bitcoin as Ethereum has native functionalities such as smart contracts that support different anomalies of Defi. Bitcoin doesn’t have those native functionalities and thus Dorsey would have to build a new system to incorporate those… and even if he is able to do that the trust level would be very weak.”

Buterin went on to discuss Facebook’s Metaverse Studio 1.0 plans and claimed the trust would be the biggest hurdle for the company to overcome. He highlighted how Zukerberg tried creating a crypto consortium with its Libra project but failed, so we would have to wait to see how this Metaverse plan expands and turns into.

Can Buterin’s Comment Brew a Rivalry with Jack Dorsey?

Jack Dorsey is one of the ardent Bitcoin proponents in the market today and leaves no opportunity to indicate Bitcoin is the only future. He has even claimed that he would leave Twitter and Square if it comes to that to dedicate 100% of his time to Bitcoin. He is often seen trolling Ethereum proponents as well. Once when the hype around ETH 2.0 was high and Proof-of-work mining was being looked down upon, Dorsey made it clear PoW is truly decentralized and more secure than Proof-of-Stake.  The recent comments made by Vitalik could brew a potential rivalry between the two.

Dorsey announced his plans of building a Defi-like ecosystem on top of Bitcoin the last month, after announcing his company Square’s plans for developing a Bitcoin hardware wallet. Dorsey has maintained that everything done by his company will be open-source.

Categories: Cryptocurrency
Sam Gabriel: Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670
X

Headline

You can control the ways in which we improve and personalize your experience. Please choose whether you wish to allow the following:

Privacy Settings