Media duel Vitalik Buterin vs. Jack Dorsey is gaining momentum. This time, ETH founder Buterin commented on Dorsey’s plans to build BTC DEX.
Buterin is not at all excited
There is currently no sector in the cryptocurrency market that can compete with DeFi and NFT. And this hype simply did not escape Dorsey himself, who is behind Square and, last but not least, the founder of the popular social network Twitter.
Dorsey recently stated that he is determined to start working on a TBD blockchain project that will come into play by creating BTC DEX.
These reports did not escape even Vitalik Buterin, who has already gotten into a media shootout with the founder of Twitter several times. So he’s not excited. What specifically hinders him? This is the very meaning of the project and the qualitative difference between BTC and smart contracts.
“We are currently facing huge interest in this area. However, I am skeptical about these decentralized projects for BTC. The reason is simple. There is a fundamental difference between ETH and BTC in that there is a so-called native functionality that allows ETH-based assets to be invested directly in smart contracts. ”
“BTC does not have such functionality and especially on such a large scale. Jack will have to create his own system that will directly enforce these rules. Eventually, it will be necessary to create Bitcoin, which will be owned by multi-sig wallets, controlled by Jack. It’s similar, but it has much weaker confidence. “