Ethereum [ETH] The co-founder discusses effective initiatives in favor of decentralization

In a video posted by the YouTube administrator of the Web Summit on November 8, Joseph Lubin, a co-founder of Ethereum, gave a speech addressing the positive potential of the Web 3.0. Here, the CEO of Consensys talked about decentralization, shedding light on how functionality eliminates the top-down hierarchy and promotes the parity of opinion of all those involved.

According to Lubin, decentralization is the main organizational feature of the Web 3.0. Furthermore, he said that the concept of decentralization has arisen in recent years due to the backlash of many operational structures. This includes the operational structure of the financial world, as well as the loss of trust and centralization in government institutions and the like. He added:

"Centralized top-down control may have served humanity well when communication and decision-making are slow and expensive, but we now have instant global communications, and we can make decisions together within 15 seconds on the Ethereum blockchain, even if half of the network actors are malicious. "

He said that this makes decentralization a viable organizational principle for all types of systems.

The CEO also said that ConsenSys is exploring ways to decentralize work. The company is doing this by employing the resources to ensure that the growth of the ecosystem comes from the collective mentality of the community, not just from within the company. Lubin has also named the initiatives that the blockchain company has undertaken to solve the purpose of decentralization: Kauri, Gitcoin and Bounties.

Kauri is a platform for shared technical documents that aggregates the knowledge of the whole ecosystem on a single platform. Meanwhile, Gitcoin and Bounties Network allow outsourcing work, focused on the developer and non-technical to expand the ability to work beyond the company's walls, Lubin said. In his words:

"Together these platforms are enabling us and others to get more work done better and faster, allowing for the dynamic assembly of the workforce, which allows us to have smaller, more focused teams and to bring more global talent. , often specialized, in our projects ".

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in journalism and communication at Manipal University, she believes that blockchain technology is a revolutionary tool for advancing the future. Currently it has no value in cryptocurrencies.