Joe Lubin, the ConsenSys and Ethereum co-founder took to stage at the CryptoConf Stage on November 8, 2018, in Lisbon, Portugal and boasted that blockchain technology would transform the internet and the society into a better version of there-self.
A notable figure within the blockchain community, Joe Lubin noted during his keynote speech, that the ‘new internet’ is on the horizon. While the concept of decentralized internet based on a blockchain ecosystem is still being explored, the reality of it is nearer than we think. 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…”
As reported in Forbes, Lubin further elaborated that the society will eventually evolve from the traditional money to the blockchain currency as and when the latter becomes more accessible. He added:
“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…”.
Ethereum, a network rooted in blockchain technology, enables developers to build decentralized applications. Lubin’s vision that blockchain can upscale the society and the world of internet can be achieved when the technology will be accepted both culturally and economically.
Initially, the World Wide Web wasn’t deemed as life-changing technology. Most blockchain enthusiasts often compare the technology with that scenario, in an attempt to open up people’s mind towards the endless possibilities blockchain entails. However, while blockchain is being accepted much easily, the ever-present market volatility of cryptocurrencies dampers the adoption rate of the latter.
Notably, Lubin’s confidence in Ethereum and blockchain technology is all mesmerising, but currently Ethereum hovers around $180 USD, a far cry from its early 2018 high when it surpassed $1,400. Also, ethereum have been cracking under the pressure, as mainly its scalability issue is becoming a key concern for developers. This has led many companies or developers shift their base from ethereum to other platforms, like Kik Messenger opted to choose Stellar over ethereum for the launch their Kin token.
Gearing up to offer their developers the best, Ethereum team announced a switch to a proof-of-stake network. Whether Lubin’s prediction about the network comes true or not, is something the entire ecosystem is waiting to observe.