Vitalik Buterin predicts increased competition for Twitter as battle for social media dominance takes shape

On the heels 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 may face increased competition as more rivals spring up to push the envelope. Buterin added that this would subsequently provide more options for people looking for an enhanced social media experience.

At the Singapore FinTech Festival on Thursday, Buterin hailed the prospect of a highly competitive social media space. He said he had “hopefully in the next five to ten years there will be some kind of better social media platform“. However, the Russian-Canadian programmer added that this development 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 performance trajectory of Musk-owned Twitter amid projected competition

Vitalik Buterin also offered his thoughts on what Musk’s takeover of Twitter portends for the microblogging platform. He suggested that a Twitter owned by Musk could be very successful or just as terrible. Also, Vitalik Buterin linked his predictions to his earlier suggestion of increased competition for the company. In his own words, “Elon is a very high variance actor“, which could make Twitter “really great” Where “really terrible“. He thinks there will be great opportunities for others to “do something big” if Twitter falters under Musk.

Interestingly, Mr. Buterin also added that Twitter might not be a total success or a total fiasco. The general predictions from the Ethereum co-founder come as Musk begins to push through changes to Twitter’s management and operability.

Regarding the operability of Twitter, Vitalik Buterin spoke about the problems that currently concern him. According to the Ethereum co-founder, he is embarrassed by how other accounts try to exploit his posts and profile for selfish purposes. He said that multiple accounts are using this “leverageto market highly speculative digital currencies that often lack operational rules.

Elon Musk has already taken steps to disband Twitter’s board and relieved CEO Parag Agrawal of his duties. The Tesla CEO also plans to halve the company’s workforce to cut costs. In addition, Elon Musk recently offered to open Twitter’s blue tick verification 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 multi-faceted 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 about his role as an enabler, catalyst and main driver of the Ethereum blockchain, Buterin said he plans to maintain a leadership role. However, the programmer and writer also said he intended to create space for others to contribute.

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