Joseph Lubin states that Ethereum is a few years away from profound decentralization


etereum mining power

Ethereum's co-founder, Joseph Lubin, believes that the Blockchain technology will move a significant shift from "scarcity to an abundance mentality" that he talked about at the Lisbon Web Summit in Portugal.

Blockchain impact theory

Lubin delivered his keynote address to this event and stated that Ethereum will play an important role in the redevelopment of the Internet when it becomes a completely decentralized ecosystem.

According to the co-founder, the steady growth of Blockchain technology will be a catalyst for greater innovation at different levels of human society. This will happen when it creates a framework for what is described as a sovereign and self-determined identity.

Lubin also spoke of the evolution of blockchain technology and enhanced decentralization. He emphasized how these factors would lead to an era where individuals have more control over their agency and identity. This in turn will be in favor of creating wealth because many people try to express themselves through different paths including an extended appetite for luxury.

It will take time to climb Ethereum, but it will lead to a radical future

In the summit, Lubin stated that digital currency would play an important role in the development of WEB 3.0. This is a new type of Internet experience that uses decentralization to a large extent. He said:

"Ethereum is at the forefront as a valid candidate for the 3.0 web, largely because of 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. But it's fine. We are able to 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 user experience – all that it will keep us busy for years".

Lubin believes that there is a difference between the generation of wealth at present and in a tokenised system. This is explained by a qualitative change in the nature of money. This moves society away from the centralized model towards a system of global villages.

His optimism on the growth of Ethereum is underlined by recent events that show that great power players are currently supporting the Blockchain to fuel some large-scale interruptions.

Recently, the news site, CCN, reported that JP Morgan Chase has a plan to use Quorum, a business version of the Ethereum Blockchain. This system will be used to tokenize gold bars. The head of JP Morgan's Blockchain initiatives, Umar Farooq, stated in an interview that the company is a major supporter of Ethereum.

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