Vitalik Buterin is skeptical about Zuckerberg and Dorsey’s plans in the crypto room

Vitalik Buterin expressed his doubts about Jack Dorsey and Mark Zuckerberg’s plan for the crypto industry in a meeting. interview with Bloomberg yesterday (August 19th).

Dorsey and Zuckerberg’s crypto dreams

Jack Dorsey, CEO of Twitter / Square, announced his plans for Bitcoin in July, saying that Square would create a new business unit called “TBD” that will focus on building a developer platform. Open Development makes financial services more decentralized, license-free and unattended for Bitcoin.

Not only that, Dorsey also announced that Square will also aim to build a hardware wallet and service that will make bitcoin custodian services become more popular.

All of this, along with Dorsey’s strong support for Bitcoin, has led some to call him the “face of Bitcoin.”

On the other hand, Mark Zuckerberg recently revealed that the future of Facebook could lie in the realm of the Metaverse – a collective virtual sharing space created by the convergence of virtually augmented and physical reality – all virtual worlds, augmented reality and the internet.

At the same time, Zuckerberg is also behind the Diem, formerly Libra cryptocurrency project, which has drawn a lot of criticism and concern from regulators around the world.

Buterin is skeptical of Dorsey and Zuckerberg

Buterin noted that Jack Dorsey would have to create his own system to bring the DeFi room to Bitcoin.

“Ethereum has a native functionality with which you can store Ethereum-based assets directly in smart contracts, lockboxes, in which arbitrary conditions apply, which can determine the publication of these assets. Basically, Jack has to create his own system to enforce these rules. “

Speaking of the idea of ​​turning Facebook into a “Metaverse Company”, Buterin noted that Zuckerberg was involved in the heavily vetted Facebook-backed cryptocurrency project and that “there are many doubts about Facebook, but building its own platform could turn out ”. Otherwise. ”Instead, he would advise Zuckerberg to“ build on the existing blockchain ”.

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