- Ethereum co-founder Vitalik Buterin has in the recent past shifted his attention to the decentralized social network Farcaster in place of the X platform.
- The departure of Buterin from the X platform could create a huge rivalry between the Ethereum ecosystem and the Dogecoin community that supports tech billionaire Elon Musk.
Elon Musk, the founder and owner of several unicorn tech companies including SpaceX and the X Corp, has expressed his disappointment with the departure of Ethereum co-founder Vitalik Buterin from the X platform for the social decentralized network, Farcaster. Earlier on Monday, popular blockchain journalist alias Autism Capital noted that Buterin should choose X platform over Farcaster to ensure future growth prospects for Ethereum (ETH).
“Vitalik needs to get back on X. Farcaster isn’t going to win the culture war. If he wants Ethereum to shine he should engage more on this platform, not sequester himself with his chosen peers on an island. He will have far more impact if he engages the bigger community here,” Autism Capital noted.
The post by Autism Capital attracted significant attention including from the X platform owner Elon Musk, who questioned the basis for Buterin’s departure. Although Buterin has been posting some posts on the X platform to engage his 5.2 million followers, he previously noted that Farcaster, an Ethereum-based social platform, has risen as an alternative to the X platform.
Why did he leave?
— Elon Musk (@elonmusk) March 25, 2024
Why Buterin Believes in Decentralized Social Network
According to Buterin, there is a significant increase in spamming on the X platform, which is not the case with Farcaster and other decentralized-based social platforms. With Farcaster offering almost similar services to the web2 social platform, Buterin believes the future of decentralized social networks is bright.
@farcaster_xyz feels like it’s gotten to the point where it’s quite usable as a twitter alternative for lots of people. The channels thing actually makes it *better* in many ways imo.
That said, spam is increasing; I think dealing with that well is the next challenge.
— vitalik.eth (@VitalikButerin) February 16, 2024
Meanwhile, the use of blockchain technology on social networks has been described as a non-viable option since it cannot allow data editing and deletion. Notably, the Farcaster Chain enables mainstream decentralization of social networking at the same time enabling financial freedom through digital assets.
“A network design that leverages on-chain systems to decentralize ownership while using off-chain systems for a better user experience is a better path to building social networks,” Farcaster noted in the documentation.
Direct and Indirect Implications
The different opinion approaches to social networking platforms by Musk and Buterin could have a profound impact on the respective digital assets; Dogecoin (DOGE) and Ethereum (ETH) respectively. As Crypto News Flash previously reported, the Musk-backed X platform has acquired money transmitter licenses from over 19 states in its bid to become the everything application.
Additionally, Musk recently reiterated his support for the DOGE community and highlighted that the meme coin will soon be integrated for payments and can be used to purchase Tesla vehicles. As of this report, DOGE price traded around 18 cents, up 25 percent in the past week.
On the other hand, the X platform could lose notable support from the Ethereum ecosystem. The frequent updates from Buterin through the X platform have in the past been used to make short-term trades.
Meanwhile, the Ethereum network could significantly be impacted if it engages in cultural wars with Musk. As of this report, ETH price traded around $3,582, up about 6 percent in the past 24 hours.
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