Former Twitter CEO Jack Dorsey Says Ethereum Has Many Points Of Failure• April 25, 2022 3:05 pm • Comments
While sharing his opinion on Elon Musk’s recent bid to acquire Twitter, former Twitter CEO Jack Dorsey also revealed his thoughts on Ethereum.
He mentioned that he definitely did not consider Ethereum to be a ideal choice when it comes to a blockchain project that could help build a decentralized social media.
Dorsey specifically mentioned that Ethereum had “many single points of failure” that makes it vulnerable to future centralization and hostile takeovers.
Trending: David Schwartz Fires Back At Max Keiser
Dorsey seems to not be the only one with such views as it seems that many institutional investors also have the same concerns and have aligned that Ethereum is not the choice.
Jack Dorsey Claims if 'You’re Building on #Ethereum You Have at Least One, if Not Many, Single Points of Failure'$BTC $ETHhttps://t.co/QKlR46LVgE#Bitcoin #Ethereum #cryptocurrency #coindailynews #Ethereum
— Avalency (@HawkBlaze_) April 20, 2022
But he isn’t the only one who isn’t in support of Ethereum at the moment, as on the investor front, the altcoin king hasn’t been noticing much preference either.
“Not Ethereum”, Says Institutional Investors
As per the CoinShares fund flow report for the week ending April 15, Ethereum failed to make a dent in the market once again as the assets marked another week of outflows amounting to $97.3 million.
Ethereum during the week led the second highest outflow at $27.1 million, led by Bitcoin at $72.1 million.
However, considering the year-to-date flows, Ethereum is the worst performing asset, with $153 million pulled out of the asset, while the king coin has $145 million flowing in.
Dorsey has also shared his opinion on Elon Musk trying to acquire Twitter and commented that he did not oppose to Musk running the company.
The main thing that he did dislike was the possibility of social media platform control being controlled by a small amount of people and that it should be more decentralized.
In fact, Dorsey went on to say that he believes that no institutions or individuals should own social media and that it should all be publicly available on an open protocol blockchain.
Whatever upcoming decentralized social media platforms that are being worked on right now, it is clear that Dorsey believes that it will not be built on the Ethereum blockchain.
— Decrypt (@decryptmedia) April 19, 2022
Bitcoin.com shares details:
Bitcoin proponent Jeff Booth, author of the book “The Price of Tomorrow: Why Deflation is the Key to an Abundant Future,” agreed with Dorsey’s criticism about Ethereum.
“More entrepreneurs are going to figure this out the hard way over the coming years,” Booth said in response to Dorsey’s tweet. “Building on quicksand is a terrible long-term strategy,” Booth added.
However, software developer and former Slock.it executive, Christoph Jentzsch, disagreed with Booth’s opinion.
“If you are building on the [Ethereum] protocol, no,” Jentzsch said. “If you are building with a sole dependency on Infura, Metamask and some others, then yes. [The] same is true for [Bitcoin],” Jentzsch added.
The projects Jentzsch mentioned, and many other aspects of Web3 technology, have been disparaged a great deal and Dorsey himself has criticized Web3 hype in the past.
The views shared here seem to align with some critics from the crypto community that Ethereum was not so decentralized after all due to significant control of the blockchain from a small number of users.
As a result, it seems that Ethereum might not be the answer which opens up the possibility of another blockchain project being used for decentralized social media in the future.
— KrizNews (@kriztechnews) April 20, 2022
Join the conversation!
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.