Joseph Lubin, the co-founder of Ethereum, spoke about the web 3.0, the next generation web, during the NEXT18 conference. He also spoke about the US Securities and Exchange Commission [SEC] position on Ethereum.
Asked if a blockchain was a business or a belief, he responded by saying that a person can build business on the blockchain. He went on to say:
"… basically the company construct is something I can put money in and can use that money to figure out how to provide value to its customers and in exchange for putting money in that thing, I can expect a return on my investment generated by these people in the company. "
Lubin also said that recently, Bill Hinman, Director of Corporate Finance at the SEC, stated in one of his speeches that Ether was decentralized. He also explained that the director stated that the SEC recognized that it was a new type of construction that did not require investment.
Hinman also said that if the tokens were constructed and marketed appropriately, it will be considered as a utility token and not a security.
Referring to Hinman's statement, Lubin said:
"It would be a kind of glue company logic that creates this new construct."
During the discussion, he also spoke about ConsenSys. Lubin said that the ConsenSys team acts as a consultant for many companies. He added that they build software for companies in a consortium with banks and governments.
He also stated that in ConsenSys, developers focused on creating many products for the Ethereum ecosystem. Furthermore, the team deals with education and capital market activities.
Asked about his opinion on the next "killer application" that was beneficial to technology, Lubin stated that there were thousands of projects around the world, focused on creating Web 3.0.
According to Lubin, Web 3.0 was the next iteration over the Web 2. Web 3.0 will include fungible and non-fungible tokens, cryptocurrency bonds and commodities. He said that some banks have already placed bonds on the blockchain. The co-founder added that crypto-collecting was becoming the next popular thing in the United States. He supported his statement by giving as examples examples of crypto-da-te, Cryptokitties digital throwing dolls and recently held baseballs.
He went on to discuss where blockchain technology was found in today's world. Lubin said that blockchain technology was in its infancy.
He has declared:
"We are working with regulators all over the world that we are trying to be extremely strict in the way we sell these tokens that are considered consumer tokens and not titles, and so we think that over the top we think we will relax over time and make more easy to purchase a consumer token token ".
According to Lubin, blockchain technology has allowed people to have more direct financial participation and less power for intermediaries to conduct annuities.
He concluded by stating:
"I think he will be able to do more of the things we want to do collectively without relying on governments or companies to take care of these things."