In the wake of Elon Musk’s successful takeover of Twitter, Vitalik Buterin foresees increased competition for the social media platform. According to the Ethereum co-founder, Twitter could face increased competition as more and more rivals emerge to push the envelope. Buterin added that this would subsequently provide more options for people seeking an enhanced social media experience.
Speaking at the Singapore FinTech Festival on Thursday, Buterin welcomed the prospect of a highly competitive social networking space. He stated that he had “confident that in the next five to 10 years, there will be some sort of better social media platform“. However, the Russian-Canadian programmer added that this evolution could come from Twitter itself. According to him, something better could come from Twitter, or take the form of several other alternatives.
Vitalik Buterin assesses the performance trajectory of Musk-owned Twitter in a projected competitive environment
Vitalik Buterin also offered his opinion on what Musk’s takeover of Twitter portends for the microblogging platform. He suggested that a Musk-owned Twitter could be very successful or equally terrible. In addition, Vitalik Buterin tied his predictions to his earlier suggestion of increased competition for the company. In his own words, “Elon is a very high variance player“, which could make Twitter “really great” or “really terrible“. He thinks there will be great opportunities for others to “do something big” if Twitter falters under Musk.
Interestingly, Buterin also added that Twitter may not be a total success or a total bust. The Ethereum co-founder’s broad predictions come as Musk begins to force changes in Twitter’s management and operability.
Regarding Twitter’s operability, Vitalik Buterin has spoken out about the issues that currently concern him. According to the Ethereum co-founder, he is bothered by the way other accounts try to exploit his posts and profile for selfish purposes. He stated that several accounts are using this “leverage“to market highly speculative digital currencies that often lack operational rules.
Elon Musk has already taken steps to dissolve Twitter’s board and relieved CEO Parag Agrawal of his duties. The Tesla CEO also plans to cut the company’s workforce in half to reduce costs. In addition, Elon Musk recently proposed opening up Twitter’s blue check mark status to all users for a monthly fee.
Vitalik Buterin’s Ethereum
Vitalik Buterin launched Ethereum in 2014 alongside Gavin Wood, Charles Hoskinson, Anthony Di Iorio and ConsenSys founder Joseph Lubin. This dynamic, multifaceted network is arguably the most commercially successful blockchain in the crypto space. Ethereum can facilitate a wide range of applications, including non-fungible tokens (NFT), decentralized finance (DeFi) and its own native ETH token. Speaking on his role as a facilitator, catalyst and prime mover of the Ethereum blockchain, Buterin said he plans to maintain a leadership role. However, the programmer and writer also said he intends to create a space for others to contribute.