The internet entrepreneur and former CEO of Twitter, Jack Dorsey, claims if developers are building on Ethereum they have “at least one, if not many, single points of failure.” The statement was in response to Vitalik Buterin’s commentary concerning Elon Musk running Twitter.
Ex-Twitter CEO Criticizes Ethereum-Based Projects
Jack Dorsey doesn’t seem interested in anything to do with the Ethereum network, and last Friday he slammed the project. The Twitter conversation started when Ethereum co-creator Vitalik Buterin talked about Elon Musk running Twitter. “[I] don’t oppose Elon running Twitter (at least relative to the status quo), but I do disagree with the more widespread enthusiasm for wealthy people/organizations taking on hostile social media companies” , Buterin said. tweeted. “It could easily go *very* wrong (e.g. imagine a foreign government with ethical issues doing this).”
Following Buterin’s tweet, Dorsey replied “same,” and further said: “[I] don’t believe any individual or institutions should own social media, or more generally media companies. It should be an open and verifiable protocol. Everything is a step toward that.” After Dorsey’s statement, a project called the Deso protocol responded to his remarks. Deso explained that the Deso protocol’s vision for “the future of social media,” was similar to the former Twitter CEO’s vision.
In response, Dorsey Explain, that in his view, the Ethereum protocol has one and possibly even multiple single points of failure. “If you build on [Ethereum] you have at least one, if not multiple, single points of failure and therefore not interesting to me,” Dorsey said.
Laser-Eyed Tribalism and Valid Web3 Criticism
The former social media chief executive’s opinion had all kinds of responses, some of which agreed with him and others that did not. “You really need to get away from the laser-eyed morons, Jack,” one individual said to Dorsey. “This is just embarrassing,” the person added.
bitcoin promoter Jeff Booth, author of the book “The Price of Tomorrow: Why Deflation is the Key to an Abundant Future,” agreed with Dorsey’s critique of Ethereum. “More entrepreneurs are going to figure this out the hard way over the next few years,” Booth said. mentioned 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.
A specific Web3 review, published in the first week of January, by cryptographer and computer security researcher, Moxie Marlinspike, explains in detail a number of vulnerabilities related to non-fungible tokens (NFTs), decentralized applications (dapps ) and Web3 in general. Despite Web3’s valid criticism, Dorsey’s tweet did not elaborate on the so-called single points of failure. The tweet was very vague and simply noted that the former CEO of Twitter was not interested in such projects.
