Ethereum Founder, Joe Lubin Says “Blockchain Needs Time to Permeate Society More Than The Internet”

The founder of ConsenSys, a blockchain software technology company based in Brooklyn, New York, Joseph Lubin recently reiterated the advent of the new age tech – Blockchain.

He said that “Blockchain will “probably take a little longer” to develop than the internet because it is “much more complicated.”

Lubin, who is also the co-founder of Ethereum (ETH) further elaborate about the perspective saying that “blockchain technology is developing in a similar way to the web having its exponential growth with “hundreds of projects that are already practical for humans” to date.”

Since there are a variety of blockchain’s use case for decentralized cryptocurrencies in place, the “distributed ledger technology (DLT)” has become an indispensable one and will be able to pervade user community beyond the Internet and help enable a decentralized internet.

Further speaking to the subject matter, Lubin forebodes the immense benefits of blockchain use cases saying that “[Blockchain projects] will enable people to build more things that will come in handy again. That’s how the web was developed. It will probably take a little longer because it is much more complicated. Also, because we work on topics such as digital money, Blockchain will permeate society more than the Internet. Everything will be networked in a Web3.”

While during the interview, Lubin emphasized more about his company saying that “ConsenSys – an Ethereum-focused startup incubator and infrastructure development firm was born prior to the release of Ethereum, with the goal of building the tools and infrastructure to enable a decentralized ecosystem in which Ethereum could function.”

With this Lubin elaborated more about the subject matter saying that “the firm is interested in bringing that ecosystem forward rather than controlling it. Since ConsenSys does many things, but it is not interested in controlling the ecosystem. It is interested in promoting the ecosystem.”

While speaking about the Ethereum based decentralized ecosystem, Lubin said: “Do you expect it to be fully mature, three years after its creation?”

When it comes to analyzing the dynamism of the existing internet’s transition into Web3, Lubin elaborated numerous benefits that the blockchain tech has in place by comparing ConsenSys with global internet giants – Facebook, Google and those global giants that have already applied the new age tech.

Further, he commented that the business models of the existing internet technology are completely opposite that of blockchain which stands to “enable a self-determined, and sovereign identity.”

At the beginning of this year, Lubin forecasted that the transition of the global community users towards the world comprises of decentralized governance. With this, he supported the new age digital/virtual currency – cryptocurrency which is the core of the crypto world. With the entire gamut, the Etnereum is poised to serve and fuel the decentralized ecosystems globally.

Shalin Soni

Shalin joined CryptoNewsZ as Associate Finance (Cryptocurrency Research & Analysis) in 2018 and has 10 years of collective experience to work on financial modeling and financial planning & analysis activities (fp&a) domains. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a!! You can also mail him at [email protected] to discuss anything related to his reports.
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