Jack Dorsey Says Ethereum Has Many Single Points of Failure

Since the outset, it has been evident that Twitter’s former CEO is not a supporter of the Ethereum blockchain.

Too often, the founder has stated that he is a diehard Bitcoin supporter who is uninterested in Ethereum.

Jack Dorsey recently demonstrated his opposition against the second-largest digital asset and the blockchain in general. 

To wit,

“If you’re building on Ethereum you have at least one, if not many, single points of failure and therefore not interesting to me.”

Jack Dorsey Slams Ethereum Network

Dorsey’s belief in Bitcoin is almost absolute.

He consistently emphasizes that everyone should focus on the development of safe and adaptable technology that is not influenced by any middleman, individuals, or organizations.

The former Square and Twitter CEO is one of the most prominent Bitcoin supporters, having previously stated that he will leave both firms to focus only on Bitcoin.

“Bitcoin absolutely changes everything,” Dorsey stated at the Bitcoin 2021 conference in Miami, adding, “I don’t think there’s anything more important in my lifetime to work on…If I weren’t working at Square [now Block] or Twitter, I’d be working on bitcoin.”

It’s unclear which failure points Dorsey was referring to.

Currently, the biggest problem of the network is the lack of scalability, apart from the painful point of high gas fee, which motivates projects to switch over optimal alternatives like Solana, Cardano or Near protocol.

While being a non-supporter of Ethereum and other coins, Jack Dorsey doesn’t embrace the concept of Web3.

According to Dorsey, Web3 is merely another centralized infrastructure with a different name that is controlled by venture capitalists.

Ethereum’s Merge is expected to come this year. The network is still under development, with multiple testnets released.

The latest shadow fork ran successfully but the developers’ team will need more time before the final product is released.

The integration will be delayed for one or two months, most likely beyond June, and no particular release date has been determined. Ethereum, like many other blockchains, strives to support as many users as possible.

However, scaling solutions have been a point of conflict for the blockchain. To put it another way, decentralization and network scalability are at conflict.

The developers are attempting to solve the problem, with Proof-of-Stake, and Sharding as the solutions.

Time may be the blockchain’s enemy. Since many delays have surfaced, Etherem’s major competitors have continued to expand and will not pass up any single opportunity to scale.

The merger must be completed as soon as possible, or else the future of cryptocurrency innovation will take place on other blockchains.

Ethereum ETF Lands In Australia

The Australian Securities and Investments Commission (ASIC) has approved the launch of a spot ETF in Bitcoin and Ethereum, the world’s two most valuable cryptocurrencies in terms of market capitalization.

Last week, Australia’s securities regulator authorized to create a cryptocurrency spot exchange-traded fund (ETF), laying the groundwork for other countries to follow.

ETF Securities, an Australian asset manager, and 21Shares, a Swiss-based ETF provider, have both confirmed that two ETFs will be launched on April 27.

Following that will be the 21Shares Bitcoin ETF and the 21Shares Ethereum ETF. The fund will be listed in Australian dollars and traded on the CBOE Exchange in Chicago.

Because an ETF is similar to an investment and is traded on a conventional stock exchange, the market will be considerably broader. An ETF can be used to track the price of a particular stock, commodity, or asset, or it can be used to track the price of a complete basket of items.

A Bitcoin ETF would let anyone to have exposure to Bitcoin without incurring the costs of storage, regulatory expertise, or security.

While retail investors in the United States continue to wait for Bitcoin ETFs at spot market pricing and permission from the Securities and Exchange Commission, Australians will get Bitcoin and Ethereum ETFs within the next week.