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Ethereum Co-founder Vitalik Buterin Foresees Increased Competition for Twitter as Battle for Social Media Dominance Takes Shape

UTC by Tolu Ajiboye · 3 min read
Ethereum Co-founder Vitalik Buterin Foresees Increased Competition for Twitter as Battle for Social Media Dominance Takes Shape
Photo: Shutterstock

According to Buterin, more competition for Twitter will likely benefit users who will have options to choose from.

On the heels of Elon Musk’s successful acquisition of Twitter (NYSE: TWTR), Vitalik Buterin predicts more competition for the social media platform. According to the Ethereum co-founder, Twitter could face increased competition as more rivals spring up to push the envelope. Buterin added that this would subsequently provide more options to people seeking an improved social media experience.

During the Singapore FinTech Festival on Thursday, Buterin welcomed the prospect of a highly competitive social media space. He said he is “hopeful in the next five to 10 years there’s going to be some kind of better social media platform”. However, the Russian-born Canadian programmer added that this development may come from Twitter itself. According to him, something better could come from Twitter, or come in the form of several other alternatives.

Buterin Assesses Musk-owned Twitter Performance Trajectory Amid Projected Competition

Buterin also gave his opinion on what Musk’s takeover of Twitter portends for the microblogging platform. He suggested that a Musk-owned Twitter could be really successful or just as terrible. In addition, Buterin tied his predictions back to his earlier suggestion of increased competition for the company. In his own words, “Elon is a very high variance actor,” that could make Twitter “really great” or “really terrible”. He believes there will be great opportunities for others to “do something great” if Twitter falters under Musk.

Interestingly Buterin also added that Twitter might end up as neither a total success nor a total fiasco. The Ethereum co-founder’s general predictions come as Musk begins enforcing changes to the social media company’s management and operability.

Regarding Twitter’s operability, Buterin weighed in on issues currently bugging him. According to the Ethereum co-founder, he is bothered by the way other accounts try to leverage his posts and profile for selfish gain. He said several accounts use this “leverage” to market highly speculative digital currencies that often lack operational rules.

Musk has already moved to dissolve Twitter’s board of directors and relieved CEO Parag Agrawal of his duties. The Tesla CEO also plans to reduce the company’s workforce by half to cut costs. In addition, Musk recently proposed opening up Twitter’s blue checkmark verification status to all users for a monthly fee.

Buterin’s Ethereum

Buterin launched Ethereum back in 2014 alongside Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and ConsenSys founder Joseph Lubin. The multifaceted and dynamic network is arguably the most commercially successful blockchain in the crypto space. Ethereum can facilitate a wide range of applications, including non-fungible tokens (NFTs), decentralized finance (DeFi), and its own native ETH token. Speaking on his role as an important facilitator, enabler, and prime mover of the Ethereum blockchain, Buterin says he plans to maintain a leadership role. However, the programmer and writer also stated that he intends to create a space for others to contribute.

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