ConsenSys & Ethereum Co – founder Joe Lubin recently said that the blockchain will undergo a major change. The change will cause Bitcoin, Ethereum and other cryptocurrencies to to move from a “scarcity to an abundance mindset.”
Unlike other cryptocurrency founders, Lubin emphasizes the technology underlying the digital coins. He believes that the distributed ledger system of the blockchain can motivate innovation in all industries and at all levels.
Notably, Ethereum, which operates on blockchain technology and uses ether as a token is an open software platform. This means developers from any part of the globe can work on it to improve the framework, while maintaining decentralization.
Lubin believes that in the future, the internet will be totally decentralized. However, it will take a few more years to develop the web 3.0. In the Web Summit in Lisbon, Lubin said that Ethereum and the technology behind it will play a key role in evolving the internet.
“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,” said Lubin. “But that is okay. We can grow into the radical future we imagine as we take care of adoption, use case exploration, user interface and user experience definition – all of which will keep us busy for years.”
Previously Lubin has spoken about a token-based economy and the methods of wealth generation. He believes that there has been a quantitative shift in the nature of money. This has resulted in society being a global village.
Future of Ethereum
Contrary to what Lubin believes, the price of Ethereum has been declining over the last couple of months. In fact it dropped to 80% of its former value in January 2018. While the price was stable in September, investors and traders of the digital coin are waiting for regulatory updates to predict the growth.
However, last week saw an increase in the Ethereum price. Additionally, US bank JP Morgan Chase revealed that it has successfully created an enterprise version of the Ethereum blockchain.
The Ethereum-based blockchain is called Quorum and it allows for the operation of smart contracts.
“We are big believers in Ethereum,” JP Morgan’s New York-based head of blockchain initiatives, Umar Farooq told the Financial Review.
“There are people outside our firm using Quorum to tokenise gold, for instance. They wrap a gold bar into a tamper-proof case electronically tagged, and they can track the gold bar from the mine to end point – with the use case being, if you know it’s a socially responsible mine, someone will be willing to pay a higher spread on that gold versus if you don’t know where it comes from. Diamonds is another example.”
Incidentally, Farooq’s comment comes after JP Morgan chief executive Jamie Dimon called Bitcoin a fraud in 2017.
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