Lubin, co-founder Ethereum: Blockchain will dominate the world in the next 10-20 years

6 years ago - Published in Fintech Land

Joseph Lubin, co-founder of Ethereum and founder of ConsenSys, said that when blockchain fully ramifies in 10 to 20 years, he expects the global economy to be 10 times larger, and blockchain will be involved in most of it.

During last week’s SXSW conference in Austin, Lubin said that blockchain technologies are nascent, and software developments are barely discovering the full potential that blockchains have to benefit society.

“There aren’t a lot of ‘normal people’ using these systems right now,” Lubin said. “But then there weren’t a lot of ‘normal people’ firing around emails in 1983. As we and others build tokenization into our company, and we are experimenting with something called ‘mesh coin’ and offer tools to enable others, small startups or similarly minded entities, we think it’s going to catch on.”

He also talked about the promises of ethereum 2.0, stating that the upgrade will allow them to place ethereum at an entirely different level in terms of scalability, usability, and efficiency.

“In bitcoin and currently in ethereum, you need to have specialized hardware, burn lots of electricity, waste lots of computation, to basically keep everybody in sync,” Lubin said. “[With ethereum 2.0, in 18 months] we’ll have a blockchain system much more powerful and scalable that uses orders of magnitude less energy.”

Relating to Journalism, Joseph Lubin said that blockchain based platform such as Civil might offer assistance to disappointed journalism industry so as to move the content material to the customer and return dignity to journalism. The Civil platform, which is driven by blockchain will allow the newsrooms to create a code of ethics and to share the safety bond on the Civil platform.

A month ago, the official launch of Civil platform was announced irrespective of a flat initial coin offering final 12 months. The objective of the platform is to provide an alternative company mannequin especially to the journalism industry which now allows the sponsors to buy the Civil membership which consists of CVL tokens. The CVL tokens will be used to represent the member’s voting power inside the Civil ecosystem.

Joseph Lubin expressed: “If the journalist tries to break the promise in some of the other way, they can be called to task by their readership and their listenership and can modify their stake and even they can clear them from the Civil platform.”