In 10-20 Years, Blockchain Will Be Most of the Economy Says Ethereum Co-Founder Joseph Lubin

by | Mar 18, 2019 | Blockchain, Cryptocurrency, Cryptocurrency News

Ethereum | Blockchain | Joseph Lubin | Ethereum 2.0 | Blockchain Technology

Joseph Lubin, the co-founder of Ethereum (ETH) states his beliefs that in coming 10 – 20 years, the global economy will be 10 times larger with the blockchain technology fully ramified and involved in most of it.

Lubin shared his sentiment at the SXSW conference in Austin on March 14, pointing out that as of now, there aren’t many “normal” people using blockchain-based systems and  “there weren’t a lot of ‘normal’ people firing email around in 1983.” He went on to reiterated Ethereum 2.0’s promise that the inefficiencies present in Bitcoin (BTC), will be resolved in the current version of Ethereum.

“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. [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.”

The ConsenSys creator appraised the blockchain technology and decentralization in a video on March 12, stating that the technology can aid content creators and journalists while elaborating over the different industries that are benefitting from blockchain technology. Check out the video here:

His recent statements resonate an earlier statement made by him in November last year, where he told a New York Times interviewer that blockchain will enable the society to move “from a scarcity to an abundance mindset.”

Read more: Coinbase Pro Updates Its Market Structure In Order To Increase Liquidity

Image source medium.com.

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