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Buterin again expressed strong concerns about Dorsey’s project

by Margharet Tess
September 1, 2021
in Cryptheory News
Reading Time: 2 mins read

 

Vitalik Buterin
Vitalik Buterin. Source: Shutterstock, Alexey Smyshlyaev

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.

 

Buterin stated:

“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. “

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Margharet Tess
Margharet Tess
Editor, Developer at Cryptheory Labs
I have been active in the cryptocurrency world for over 6 years, during which I have written countless articles about this sector. What fascinates me most about cryptocurrencies is their technological aspect and the problems they aim to solve. In the past three years, I have ventured into app development and am currently working on a larger project called P2E Buzzer. Stay tuned for the surprise. 🙂 My previous experiences: Business2Community.com, TradingPlatforms.com
Margharet Tess
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Tags: BTC DEXJack DorseyVitalik Buterin
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