INTERNATIONAL – Ethereum co-founder Joseph Lubin said last year's surge in the value of digital currencies was a bubble and the growing ecosystem is stronger due to it even when prices fall.
"We've seen six big bubbles, each more epic than the last, and every bubble is amazing when they're happening, but when you look back they look like pimples on a chart," Lubin said during an interview with Bloomberg Television.
"With each of these bubbles we have a huge wave of activity and that's what we're seeing right now."
Lubin, who is the CEO of ConsenSys Inc., said that developer activity has increased by "two orders of magnitude" "Since prices jumped last year
He added that "types of traders" are driving volatility and is not concerned that the collapse of prices will slow down the development of core infrastructure and adoption.
After leaving Ethereum, a platform based on blockchain for intelligent procurement and applications, Lubin founded ConsenSys, which helps startups build on the Ethereum network.
Lubin said that ConsenSys has 1,100 employees who build infrastructure for the Ethereum ecosystem and focus on products, consulting for corporations, governments and central banks and capital market activities, said they cost less than $ 100 million (R1437m) to run ConsenSys last year and the figure will be higher this year
Ether he ascended to s telle over $ 1,000 in February in part when startups built projects on Ethereum's blockchain and sold digital tokens for Ether in crowd sales known as initial coin offerings.
Now, some of these projects are grossing, contributing to the collapse of Ether. The token fell 27 percent this week, the biggest two-day decline since February. The price has dropped from $ 251, the lowest since November.
Lubin envisions a future in which Ethereum will be meaningful among hundreds of other protocols, which will coexist.
"This is what it feels like to be living in exponential times," he said.