Ethereum co-founder talks blockchain impact

Sometimes it’s pretty much difficult to tell where he stands when it comes to matters dealing with Ethereum, especially when you consider the fact that he co-developed the network with Vitalik Buterin. Joseph Lubin sometimes by his decisions makes you feel like he’s lost hope in his ethereum creation and wants to create or push for a newer technology – like when he invested $6.5 million in a rival firm to Ethereum – and other times it’s as though he believes in nothing but Ethereum, typical example is when he made some shocking comments about Ethereum this past weekend. Lubin compared Ethereum to Bitcoin and remarked

(ETH) is also cheaper and faster to transport values with it. It’s much better money than Bitcoin. I assume that it will be used much more than money … We expected it to level off at about the same amount as Bitcoin.”

In an interview he granted German media house, T3N, Joseph Lubin who dropped out of Ethereum to found Consensys expressed his optimistic opinion on the future of blockchain technology claiming that this technology will even have much more impact on society than the internet has done since its inception and introduction in the 1900s. Lubin explained that Blockchain technology will have a much more user-friendly edge to it than the internet has ever had, given priority people’s privacy – a thing the internet still struggles with, generally.

He calls internet today “Web 2.0” and explains that this current version is primarily focused on safeguarding technology and content providers’ very interests whereas consumers as regarded as nothing but products in the system.  This is where he draws the line for blockchain technology, as he expounds the tech to be the reverse psychology of this present system. Lubin mentions

“These Web2 business models are effectively in control, and as you know, they treat us like a product. They try to get a lot of information out about us so they can charge more for the product. And they have found ways to use man’s evolutionary drives so that they can make us dependent on their system, so that they can sell us more often as a product. Blockchain, on the other hand, enables a self-determined, sovereign identity. We can write our identity on blockchain systems and control it from our side of the browser. Identity will become very important in Web 3.”

Lubin’s influence that he pictures for blockchain in society isn’t a possibility now, as he admits the technology is still too immature to have such impact, however he touts this possibility as not being so far away

“There are some projects moving in that direction, but it is extremely early in the development of technology. We build thousands of different components, building blocks, tokens, protocols, exchanges, and tools for identity and reputation. At a point in the not so distant future, when these systems are sufficiently scalable, we will be able to build a decentralized social network.”

Which is to say that blockchain technology is definitely very much promising and might as well even be the most promising tech in this space since the dawn of the 21st Century, but it will need time if it’s going to become all that we hope of it to become. It is no doubt that blockchain could take an even longer period to have the kind of social impact that Lubin is envisioning, in that there are a great number of obstacles to be addressed.

How will people feel having certain private details of theirs on a such a network, moreover, just what amount of data are people willing to have on the network before they think it is enough? How about the effect on people’s social relations; think about going to the cinema to watch a movie and the verification there is via blockchain and all of a sudden someone’s records as an ex-convict are pulled up, how will the person feel among the lot, especially if he/she has moved on and wants no reminders of the past – since the past can be such a daunting maze in itself. Lubin consequently concedes that due to its (blockchain) complexity, full acceptance and implementation may take a while longer

“Blockchain is growing exponentially: There are hundreds of projects that are already practical for people. And they will enable people to build even more things that will be practical again. That’s how the web was developed. It will probably take a little longer because it’s much more complicated. Also, because we work with issues like digital money, Blockchain will penetrate society more than the Internet. Everything will be networked in a Web3.0.”

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