When it comes to crypto prices, everyone instantly thinks of bitcoin’s $20K high. Ethereum however, is the probably the cryptocurrency which took the largest hit. The bear market, combined with regulatory uncertainly with security tokens and ICOs was devastating for the currency. Joseph Lubin however, believes that this is a storm which will give new Ethereum hope to everyone.
ConsenSys is constantly beginning work on a huge amount of new Ethereum projects. Joseph Lubin has hired over 80 Ethereum blockchain protocol engineers. According to him, this is a costly investment which will eventually pay out in spades. He stated:
“The company’s resources will remain focused on Ethereum. It’s clearly the best course of action because the reality is that Ethereum is the only game worth playing.”
That being said, ConsenSys can live with a few of the Ethereum-based projects not delivering. What ConsenSys really relies on however, is the decentralized ecosystem making progress. The prolonged bear market is not doing Ethereum any favors either. Joseph Lubin however, has been by Buterin’s side since the start and by all accounts seems to be playing the long game.
It’s normal that when the market is doing well or extremely well that the ecosystem gets attention. The majority of the attention however is mainly due to the high amount of profits that were made in an X amount of time. When the market is in a decline however, that’s when the real attention can pay off.
New Ethereum projects are developing queitly and the smart investors know that
At the moment, the majority of entrepreneurs and technologists are building. They are building and growing in a pace far faster than during the crypto craze back in 2017. When people aren’t focused on the price of the actual token, they can pay attention to the currently developing confidentiality systems, scalability solutions and privacy advancements.
That's a wrap for #ConsenSysSXSW! A massive thank you to @SXSW for having me. Blown away by the size of the crowd and the interest in #blockchain around Austin this year. My outlook on #Ethereum for 2019? Yeehaw 🤠 pic.twitter.com/7zN4qPaB0b
— Joseph Lubin (@ethereumJoseph) March 14, 2019
Lubin seems to be nothing but optimistic for this year, despite the harsh market conditions. There is however, a lot of time until Ethereum can reach mass adoption. The biggest problem remains scalability as currently’ it can complete an average of 22 transactions per second (TPS). Layer 2 technologies like Plasma will do wonders for Ethereum’s scalability. Layer 2 technologies will also enable smart contracts to be ran off-chain.
When asked about Ethereum 2.0, Joseph Lubin said:
“We currently have 8 teams working on Ethereum 2.0, it’s coming. We’re currently in phase 0 out of 4, but once we finish the foundations of the Layer 2 scalability solutions, the scalability will expand about a thousand times over the next 2 years. After that, it will keep expanding further.”
He also made some very interesting forecasts on the global economy. He mentioned that the current size is of the global economy is around $80 trillion. His expectations are that after blockchain fully ramifies and reaches acceptable stages of mass adoption, the economy will be 10-times as large.
Despite the increasing worry about a looming financial crisis, Lubin believes that blockchain tech will be a huge part of the economy in the future and new Ethereum projects will be in the center of everything. At the end of the day, there is no industry which does not need the trust and agreements which a well developed blockchain can provide.
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