Joe Lubin, the co-creator of Ethereum that is the world’s second largest digital current by market cap, and ConsenSys CEO, stands out from the row of other crypto enthusiasts for his attention not only to the prices of cryptos but also to the potential of their underlying technology.
According to Lubin, blockchain technology that powers a great number of cryptocurrencies today, will make our society to move from a “scarcity to an abundance mindset.”
Moreover, the expert emphasized that blockchain as well as decentralization are able to boost the development of innovations at various levels of the society and among various groups.
Speaking at the New York Times International Luxury Conference in Hong Kong this week, Lubin said:
“We are going to be more in control of our identity and our agency on these different decentralized networks and I think that’s going to create more wealth […] more interest in expressing ourselves, and I think there will be more appetite for luxury than less.”
Transformation of the Internet
What’s more, Lubin also predicted that blockchain would be an engine of a fundamental transformation of the internet. In his opinion, the internet of a new generation will be built in a full accordance with principles of decentralization.
“Ethereum is far in the lead as a viable candidate for web 3.0 largely because of its interoperable and radically decentralized nature. It may be a few years before our ecosystem achieves profound interoperability and decentralization in the base and higher layers,” explained Lubin.
This summer, making a speech at the RISE conference in Hong Kong, Lubin expressed his opinion of Bitcoin’s capacities to change the existing financial system. So, he said that now it could be reasonable to suppose that Bitcoin would become a kind of a convenient financial storage unit for entrepreneurs.
“We’re moving into a qualitative shift in the nature of money, towards a world of ‘global villages’ where you can have decentralized governance, you can define goals for your ecosystem, mechanisms by which you achieve those goals, and raise money through your own cryptocurrency or value token within these networks.”
As CoinSpeaker has already reported this fall, Lubin considers digital currencies to be new a version of paper money of the 21st century that has a very important peculiarity: the nature of cryptocurrencies is decentralized and open, so they are not state-controlled.
Lubin strongly believes that digital currencies if widely adopted are able to bring significant benefits for the community and businesses and it’s worth mentioning that today more and more tech experts support this point of view. Just recently, former Google Chairman,Eric Schmidt, said that Ethereum is a very powerful platform, nevertheless, its potential is not being fully used at the moment.