According to Vitalik Buterin, co-founder of the Ethereum blockchain, more competitors to Twitter Inc. may emerge as a result of a push for a better social media experience.
Buterin said on Thursday at the Singapore FinTech Festival that he’s “hopeful in the next five to ten years there’ll be some kind of better social media platform,” whether it’s “Twitter itself or whether we’ll see a big ground-swelling with alternatives — we could even see both.”
Ethereum’s Buterin speaks about what the future holds for Twitter
Ethereum’s Vitalik Buterin stated that Musk is a high-variance actor and that he could make Twitter either really great or really terrible.
“Elon is a very high variance actor.” “He could make Twitter “really great” or “really terrible” — and the latter scenario might open up “opportunities for other people to do something great.”
Ethereum co-founder Vitalik Buterin
Buterin added that Twitter might settle somewhere between those two extreme outcomes. He claimed that one of the things that irritate him about Twitter is the way that other accounts try to use his posts and profile to promote highly speculative cryptocurrency tokens that frequently operate without any rules.
Buterin was responding to inquiries regarding Twitter in the wake of Elon Musk’s $44 billion purchase of the company. According to those with knowledge of the situation, Musk intends to reduce costs by laying off half of the social media company’s workforce.
The most significant blockchain in terms of business is the Ethereum network, which Buterin assisted in developing. It allows for a variety of financial applications. Buterin stated that while he plans to continue serving as Ethereum’s leader, he also wants to make room for other people to make contributions.
Since Elon Musk just bought Twitter, the social media behemoth is preparing for a lot of changes. As the hype surrounding the Twitter acquisition spread like wildfire, Musk was frequently mentioned in the news. On October 27, 2022, Tesla’s CEO signed the $44 billion agreement.
Musk took the throne and immediately got to work firing some of the top executives and getting rid of the board members. He also shared that Twitter blue will cost $8 per month.