Jack Dorsey

Why Jack Dorsey Criticizes Web3 and Ethereum

Twitter co-founder Jack Dorsey, known as an avid follower of Bitcoin, regularly criticizes Ethereum and other cryptocurrencies.

Ethereum prices are now up about 30% compared to the third week of April last year, outpacing Bitcoin’s performance.

Meanwhile, Dorsey tweeted on April 19 that Ethereum’s blockchain was flawed and he wasn’t interested in the project.

He made this statement in a conversation with Deso’s account on a project to build a decentralized social network on Ethereum.

Ethereum has at least one flaw and I’m not interested in the project,” Dorsey replied to Deso’s account.

Before this statement, he said, “No particular individual or establishment needs to own social media. SNS should be based on open and verifiable protocols.

This discussion comes from Ethereum founder Vitalik Buterin tweeting about Elon Musk’s attempt to buy Twitter:

It’s not good for wealthy individuals and organizations to buy social media.” Was started. Dorsey replied, “I agree.”

At the Bitcoin 2021 conference in Miami last year, Dorsey stated, “Bitcoin will transform everything. It’s something I should work on while I’m alive, and it’s nothing more important.

If I weren’t on Square or Twitter, I would have been working on Bitcoin,” said Twitter CEO at the time.

Cryptocurrencies that implement smart contracts such as Ethereum, BNB, Solana, Cardano, and Avalanche are different from Bitcoin.

While Bitcoin has solidified its position as a store of value called “digital gold,” cryptocurrencies such as Ethereum are trying to lay the foundation for the blockchain-based Internet called web3.

Dorsey has long said that his payments company Block (formerly Square) will not invest in Ethereum, but last December criticized web3 for relying on venture capital funds.

Later, blocked on Twitter by Andreessen Horowitz founder Marc Andreessen, who supports web3, he said, “I was officially banished from the world of web3.