Blockchain technology will fuel a monumental change in society from a "scarcity to an abundance mentality". These are the words of Ethereum co-founder Joseph Lubin who spoke last week at the Lisbon Web Summit in Portugal.
Blockchain impact theory of Lubin
Conferring his keynote speech at the event, Lubin, who is also co-founder of the Ethereum development startup, ConsenSys, said that Ethereum is likely to play a key role in the redevelopment of the Internet as a completely decentralized ecosystem.
According to Lubin, the continued growth of blockchain technology will act as a catalyst for greater innovation at all levels of human society by creating a framework for what he describes as "self-determined and sovereign identity".
In other recent observations, Lubin explained that the evolution of blockchain technology and the enhancement of decentralization would lead to a future in which individuals will exercise greater control over their identity and agency, which will lead to the creation of wealth while people they try to express themselves more through a number of avenues including an increase in luxury appetite.
The sizing of Ethereum will take time but will determine a "radical future"
During his speech at the Web Summit, Lubin said Ethereum would play a significant role in the development of the so-called Web 3.0, a next-generation Internet experience that will make the most of decentralization. Expanding on this point, he said:
"Ethereum is in the vanguard 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 higher layers. But all right, we can grow in the radical future we envision as we take care of adoption, exploration of the use case, the user interface and the definition of the experience. user – everything will keep us busy for years ".
According to Lubin, there is a difference between the generation of wealth in the existing paradigm and a tokenised economy that can be explained by a "qualitative change in the nature of money" that moves society from a centralized model to a system of "global villages". "
Lubin's optimism on the growth of Ethereum is underlined by recent events that indicate that great power players are supporting the blockchain to fuel large-scale interruptions. Recently, CCN has reported that the financial giant JP Morgan Chase has unveiled a plan to use Quorum, its corporate version of the Ethereum blockchain, to symbolize gold ingots. Speaking recently to the Financial Review, the head of JP Morgan's blockchain initiatives Umar Farooq also praised the Quorum and described JP Morgan as "great believers in Ethereum", which is a distinct departure from the language used by JP Morgan's CEO Jamie Dimon when refers to Bitcoin.
Featured image of Collision Conference / Flickr
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