Ethereum network effect is getting far too strong. Consequently, the latest hardcore Bitcoin maximalist turned Ethereum fan is none other than Jack Dorsey, CEO of Twitter and Square. This CEO promoted Valuables service for token minting and ownership on Matic (now Polygon) – an Ethereum L2.
Jack Dorset posted a tweet on Mar 06 ’21 with a Valuables link to his tweet. Upon closer inspection, it appears to be a tweet ownership service, which provides the purchaser with a digital certificate signed or autograph by the tweet creator!
Valuable FAQ mention that a digital certificate will be issued once only, is signed using cryptography, contains metadata of the time posted, contents and digital signature from the person who tweeted it.
The service dismissed the easy reproducibility argument taking value from the NFTs, as ownership can be easily determined on the Ethereum blockchain.
Valuables note that tweets can be purchased for sentimental value, as an investment and as means of creating a relationship with the person who tweeted.
MetaMask extensions help in the process of purchasing those tweets from v.cent.co. The tweet creator then receives the monetary compensation.
Jack Dorsey is best known as an ardent supporter of Bitcoin. This love to BTC is to the point of seeming to dismiss other blockchains because of his association. Square exclusively serves Bitcoin and the Twitter founder promotes Bitcoin as well.
But, this latest development shows that tides are turning in favor of Ethereum. In fact, it is becoming the master blockchain for DeFi and NFTs. The Layer 2 and upcoming EIP1559 is making it hard to ignore and Jack isn’t immune from the Ethereum magic!
About Ethereum Layer 2 Solutions
The Layer 2 scaling solutions are decentralized protocols. If properly applied, they increase the processing capacity of a blockchain (hence scaling). As a result, it relieves congestion on the network.
They work by delegating the network processing “off-chain” to their own chain, processing it there. This happens before settling the final balances on the base layer mainnet.
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