Ethereum’s Co-founder Joseph Lubin: from Money Evolution to Cryptos and Trust

Joseph Lubin, founder of ConsenSys and co-creator of Ethereum, expressed his thoughts on cryptocurrency and its role in the today’s world.

Joseph Lubin. Photo: MoneyConf / Flickr

Joseph Lubin. Photo: MoneyConf / Flickr

It is quite natural for people to be rather suspicious about something new that has come to their lives. When it comes to money, people are extremely suspicious. That’s why it is quite understandable that there is still a lot of skepticism around cryptocurrencies today.

Nevertheless, a number of projects and enthusiasts are actively working on mainstreaming mass adoption of cryptos trying to persuade people that cryptocurrencies can bring significant benefits to the financial markets and economy in general. One of active supporters of cryptos is Joseph Lubin, founder of ConsenSys and co-creator of Ethereum.

In his op-ed, he revealed his opinion on the “equal waves of fascination and skepticism” concerning cryptocurrency. He turned to a number of historical facts to show that people have always been skeptical towards those who offer new concepts or forms of money. Nevertheless, he noted:

 “Cryptocurrency is in many ways a natural evolution of prior representational systems, though one that favors truth over state-sanctioned power.”

He named digital currencies just a version of paper money of the 21st century that has a very important difference from the tradition form of money. Their decentralized and open nature is something very opposite to the state-controlled property systems. Such features of cryptocurrencies also significantly reduce the necessity to trust other participants of the system as it is an open P2P system.

Lubin believes that decentralized tools will help to achieve better dissemination of money with the help of the most advanced technologies and, moreover, thanks to these new networks we will accept higher standards for transferring funds, including new security and speed standards.

Ethereum co-creator also mentioned the possibility of digital currency and blockchain technology to enable refugees and displaced people to keep their identity as they can utilize the above-mentioned technology to store their documents and to present them all over the world for financial purposes.

Lubin expressed his hope that despite a number of concerns about cryptocurrencies due to downward trends on the market this year, they will be widely adopted in the upcoming years bringing significant benefits, including social ones, for the community and businesses. He wrote:

“Instead of adversarial relationships between corporation and customer, we will have collective common-good relationships on networked open platforms. It’ll take time, yes, but the uptake has been swift.”

Let us also remind that Joseph Lubin together with other prominent figures in the industry including Arie Levy-Cohen, Zach LeBeau, and Alex Klokus, took part in creation of the documentary film called ‘Trust Machine’. The film represents itself a drama telling a real-time history of all the events occurring in this space. Trust Machine is aimed at presenting the entire story of blockchain and cryptocurrency in a very comprehensive way for a wide audience. The film will be presented on October 26, 2018, in New York.

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