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Ethereum co-founder and ConsenSys CEO Joe Lubin said the blockchain technology can change the mindset of society.
Joe Lubin, co-creator of Ethereum which is the second digital current in the world by market capitalization, and CEO of ConsenSys, stands out from the ranks of other crypts passionate for his attention not only to the prices of the encrypted but also to the potential of their basic technology.
Potential changes
According to Lubin, the blockchain technology that feeds a large number of cryptocurrencies today will cause our society to move from "scarcity to an abundance mentality".
In addition, the expert stressed that blockchain and decentralization are able to stimulate the development of innovations at various levels of society and between different groups.
Speaking at the New York Times International Luxury Conference in Hong Kong this week, Lubin said:
"We will have more control over our identity and our agency on these different decentralized networks and I think it will create more wealth […] more interest in expressing ourselves, and I think there will be more appetite for luxury than less. "
Internet transformation
In addition, Lubin also predicted that blockchain would be the engine of a fundamental transformation of the Internet. In his view, the internet of a new generation will be built in full compliance with the principles of decentralization.
"Ethereum is at the forefront as a candidate for the Web 3.0 largely due to its interoperable and radically decentralized nature, it may take a few years for our ecosystem to achieve deep interoperability and decentralization in the basic and upper layers", explained Lubin.
Financial changes
During the summer, during a speech at the RISE conference in Hong Kong, Lubin expressed his opinion on Bitcoin's ability to change the existing financial system. Thus, he said that now it might be reasonable to assume that Bitcoin would become a kind of convenient financial storage unit for entrepreneurs.
He said:
"We are moving towards a qualitative change in the nature of money, towards a world of" global villages "where it is possible to have decentralized governance, it is possible to define the objectives for the own ecosystem, the mechanisms through which to achieve these objectives and collect funds through your cryptocurrency or your token value within these networks. "
As pointed out by CoinSpeaker this fall, Lubin considers digital currencies a new version of twenty-first century paper money that has a very important peculiarity: the nature of cryptocurrencies is decentralized and open, so they are not controlled by the state.
Lubin firmly believes that digital currencies, if widely adopted, are able to bring significant benefits to the community and businesses and it is worth remembering that today more and more technology experts support this point of view. Just recently, the former president of Google, Eric Schmidt, said that Ethereum is a very powerful platform, however, at the moment its potential is not fully used.
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