More Twitter Inc. competitors may emerge as a result of efforts to improve the social media experience, according to Vitalik Buterin, co-founder of the Ethereum blockchain.
A New Twitter In 5 Years?
Speaking on Thursday at the Singapore FinTech Festival, Buterin expressed his optimism that some sort of superior social media platform will emerge in the next five to ten years, whether it be “Twitter itself or whether we’ll see a big ground-swelling with alternatives — we could even see both.”
He claimed that one of the things that irritate him about Twitter is the way that other accounts try to use his postings and profile to promote extremely 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 firm. According to those with knowledge of the situation, Musk intends to reduce costs by laying off half of the social media company’s workers.
Elon Could be “Really Terrible” For Twitter
He addressed the Elon Musk Twitter debacle by referring to Elon as a “high variance actor”. According to Buterin, he could make Twitter “really great” or “really terrible.” He added that the latter happening could open up opportunities for others to do something great.
Buterin said that Twitter might settle for a situation in the center between those two extreme possibilities.
By enabling a variety of financial applications, the Ethereum network, which Buterin assisted in developing, is the most significant blockchain commercially. 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.
On matters of social media, former Twitter CEO Jack Dorsey is building a new social media platform. The platform (Bluesky Social) is still in its beta testing phase before users can begin to get a feel of it. With some users expressing disgust at Elon Musk’s takeover of Twitter, the new platform could soon see an influx of Twitter rebels. Reports of top talent being dropped by Twitter’s new management could also see the rise of new platforms in response.
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