Last week, ConsenSys and Ethereum co-founder Joe Lubin indicated that he believes blockchain technology is poised to completely transform the internet and the very fabric of society.
During his keynote speech in Portugal at the Lisbon Web Summit, Lubin said a new internet is on the horizon. It may take time to develop, but he fully expects a decentralized internet based on a blockchain ecosystem to arrive in the not so distant future. Thus, paving the way for innovation both socially and economically while creating a mentality that will enable “self-determined, sovereign identity.”
Lubin went on record stating: “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…“.
Lubin later went on to elaborate mentioning how we as a society will eventually fade away from traditional money as blockchain currency becomes more accessible and prevalent. As reported in Forbes, Lubin stated that a shift such as this will create an “abundance mindset”.
“We are going to to be more in control of our identity and our agency on these different decentralized networks and I think that’s going to create more wealth […] more interest in expressing ourselves, and I think there will be more appetite for luxury than less…”.
It shouldn’t come as a surprise that someone like Lubin would take this position. Ethereum, which is rooted in blockchain technology, allows developers to build decentralized applications.
High-profile figures within the blockchain community such as Joe Lubin have firmly believed in the technology since the beginning but their vision for the future of society is predicated society accepting blockchain technology both culturally and economically.
At first, we saw the birth of the World Wide Web, but not many have considered that the future could hold the possibility of another more dynamic way of connecting people. If people were not already considering the fact that blockchain technologies to could lead to the birth of a new age decentralized internet, then Lubin has surely opened up their minds.
The idea is not impossible, and in fact, for those that are heavily onto blockchain solutions, cryptocurrencies aside, they have probably been wondering why it has taken so long for a well-known figure within the crypto-community to speak out about the idea.
The ever-present market volatility of cryptocurrencies along with hesitancy on the part of the non-crypto community is enough to leave many remaining skeptical. However, the deployment of blockchain technologies (digital currencies aside) is very much in full swing.
Despite Lubin’s confidence in Ethereum and blockchain technology, the fact of the matter is, Ethereum is still far from its previous peak price. It currently hovers around $180 USD, which is a far cry from its early 2018 high when it surpassed $1,400. However, there has been some uplifting news as the Ethereum team announced a switch to a proof-of-stake network.
With that said, it is also difficult to say with confidence that Ethereum will remain relevant in the cryptocurrency community long enough to actually fulfill Lubin’s predictions.
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