Ethereum founder Vitalik Buterin has been included in heated debates lately. This is about the future of the crypto ecosystem and the new projects that continue to emerge day by day. This time, he spoke about the daring project that the creator of Facebook and the founder of Square have in mind. However, Vitalik does not see it with a good eye, and considers that for it to work, a whole new platform and project based on Bitcoin would have to be built and remodeled. This just so this can be part of the crypto ecosystem.
In turn, it is not news that for Buterin, decentralized finance is a somewhat complex topic to discuss. He has already given his point of view multiple times, and explains that only the Blockchain have been able to give life to this concept. Therefore, that now Zuckerberg and Dorsey want to venture into this Bitcoin-based project, calls for the opinion of one of the most relevant figures in the crypto ecosystem.
The word “metaverse” is an acronym for meta, which means transcendent, and verse, of the universe. Science fiction novelist Neal Stephenson coined the term in his 1992 novel “snow crash.” This to describe the virtual world in which the protagonist exists in the real world through his avatar.
However, there is a group of people in the technology industry who envision this metaverse as the successor to today’s Internet. And one of the biggest ambassadors of the idea is Zuckerberg. But how will you include this Bitcoin-based project?
Likewise, there are three key aspects that experts from the University of Michigan explain must be understood about the metaverse. These are presence, interoperability, and standardization.
However, why is the metaverse important? According to some people in the tech industry, the metaverse is the successor to the Internet. Well, it will be the main factor that defines social and economic aspects in the future. For his part, according to Mark Zuckerberg, the metaverse he thinks about encompasses non-immersive platforms. This like current social media, as well as the future of decentralized finance technology.
Ethereum co-founder Vitalik Buterin shares his thoughts on the crypto plans of tech moguls Jack Dorsey and Mark Zuckerberg.
Vitalik Buterin, who is working to improve the scalability of Ethereum, currently the most widely used blockchain for decentralized finance, says he has reservations about how payment giant Square, led by CEO Jack Dorsey and Zuckerberg, plans to build financial services. decentralized using the Bitcoin network. This for your future plans for this metaverse.
What will it take to adapt this Bitcoin project to this metaverse?
In an interview on Bloomberg Television, Buterin says that the Bitcoin blockchain, unlike Ethereum, does not have the necessary functionality to support Square and Facebook’s plan. Since it was designed primarily to power the world’s largest cryptocurrency. Which is clearly different from pushing decentralized finance, which is the plan of these two CEOs.
“I am skeptical about decentralized finance in addition to a Bitcoin-type project that works on this plan… In Ethereum, there is a native functionality that allows you to essentially directly place Ethereum-based assets in these smart contracts, in these safe deposit boxes. , where there are then, arbitrary conditions that can govern how those assets are released. Bitcoin does not have that functionality to the same extent.
This is why Buterin believes that Bitcoin’s limitations would require Dorsey and Zuckerberg to build an entirely new platform that would allow their plan to work.
“Basically, Jack will have to create his own system that enforces those rules, and then at the Bitcoin layer, the bitcoins will only have to be owned by a multi-sig wallet controlled by Jack or the participants in the system.”
It looks similar, but it will end up being something with a much weaker trust model. This is why Ethereum started as a standalone system in the first place. There are technical limits to your ability to graft new functionality onto a system that is not powerful enough to support that new functionality.
What are Zuckerberg and Dorsey planning?
Dorsey’s team apparently plans to weigh in on Buterin’s comments. You have created a new Twitter username called “TBD” to open the discussion.
Meanwhile, Facebook has announced plans to launch a Blockchain-based payment platform called Novi Wallet.
Facebook also plans to expand its influence by taking advantage of an emerging world. CEO Mark Zuckerberg wants his company to become a dominant player in the previously mentioned “metaverse.”
Finally, Buterin questions Facebook’s decision. He says Zuckerberg is trying to become part of the next phase of the Internet before Facebook becomes an “old world company.” He also notes that while the tech giant may be trying to build its own platform, the company faces “great mistrust.” As for Buterin’s vision for the Ethereum network in the next five to ten years, he expects the popular blockchain to be “running the metaverse.”