by Jamie Redman
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.
Jack Dorsey doesn’t seem to be interested in anything to do with the Ethereum network, and last Friday he criticized the project. The Twitter conversation started when Ethereum’s co-creator, Vitalik Buterin, talked about Elon Musk running Twitter. “[I] don’t oppose Elon running Twitter (at least compared to status quo), but I do disagree with the more generalized enthusiasm for wealthy people/orgs hostile-takeovering social media firms,” Buterin tweeted. “That could easily go *very* wrong (eg. imagine an ethically-challenged foreign gov doing it).”
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 explained, that in his opinion, the Ethereum protocol has one and maybe even many single points of failure. “If you’re building on [Ethereum] you have at least one, if not many, single points of failure and therefore not interesting to me,” Dorsey said.
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 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.
One specific review of Web3, published during the first week of January, by the cryptographer and computer security researcher, Moxie Marlinspike, explains in great detail a number of vulnerabilities tied to non-fungible tokens (NFTs), decentralized applications (dapps), and Web3 in general. Despite valid Web3 criticism, Dorsey’s tweet did not get into any specifics concerning so-called single points of failure. The tweet was very vague and simply noted that the former Twitter CEO was not interested in such projects.
What do you think about Jack Dorsey’s opinion about those who are building with Ethereum? Do you agree with Dorsey? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Tony Hawk’s Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs … read more.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this … read more.
Leveraging assets held in the legacy financial system in order to purchase bitcoin may be a strategy for investors with...