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ETH’s Vitalik Buterin isn’t sold on Dorsey’s BTC plans

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Vitalik Buterin, a co-founder of ETH, in a recent interview has revealed his doubts about the plans Jack Dorsey and Mark Zuckerberg might be making about the crypto industry, as per a report on Bloomberg today.

Dorsey and Zuckerberg’s crypto dream

Dorsey, CEO of Square, recently revealed his plan for the leading digital asset, BTC, saying that Square would be creating a new business unit, TBD which would be focused on building an open developer platform that would make financial services more decentralized, permissionless, and non-custodial on BTC.

Not only that, the Twitter founder also revealed that Square would also be working towards building a hardware wallet and service that would drive BTC custodial services more mainstream.

All of this adventure, coupled with his outspoken support for the flagship asset has led to some calling him the “face of BTC”

On the other hand, Facebook’s CEO, Mark Zuckerberg, recently revealed that the future of the social media giant could lie in the metaverse sphere.

At the same time, the maverick is also backing a crypto asset, Diem, which has drawn some level of criticisms and concerns from regulators around the world.

Buterin skeptic about Dorsey and Zuckerberg

The ETH founder during the interview with Bloomberg TV noted that Jack Dorsey would have to create his own system to bring DeFi capacity to BTC.

 In his words, “on ETH there’s native functionality that allows you to essentially directly put ETH or ETH-based assets into these smart contracts, into these lockboxes, where there are then arbitrary conditions that can govern how those assets get released.” He added that, “Jack is basically going to have to essentially create his own system that enforces those rules.”

Speaking on Zukerberg’s idea of turning Facebook Inc into a “metaverse company,” the crypto industrialist noted that Zukerberg has been involved with the widely scrutinized Facebook-backed cryptocurrency project and “that there’s just a wide margin of mistrust about Facebook but constructing its own platform could prove otherwise. Instead he would advise the maverick to “build on existing blockchain.”

The post ETH’s Vitalik Buterin isn’t sold on Dorsey’s BTC plans appeared first on CryptoSlate.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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