Joseph Lubin, the co-founder of Ethereum, spoke during the Web summit in Lisbon, Portugal. Lubin said that blockchain technology can power a monumental shift in society “from a scarcity to an abundance mindset.”

Ethereum’s Impact On Society

The blockchain is the technology behind cryptocurrencies such as Bitcoin and Ethereum. Ethereum. Which trades through the digital token ether, is an open software platform. The platform enables developers to build and deploy the decentralised application on top of the Ethereum blockchain.

Lubin stated that blockchain and decentralisation can improve innovation across all levels of society and the economy by implementing a sovereign identity. He argues that the blockchain technology and enhanced decentralisation would lead to a future where individuals will exert greater control over their identity and agency He said:

“We are going to to be more in control of our identity and our agency on these different decentralised networks. I think that’s going to create more wealth […]. It will also create more interest in expressing ourselves, and I think there will be more appetite for luxury than less.”

Joseph Lubin created Ethereum together with Vitalik Buterin and Gavin Wood. He revealed that blockchain will fundamentally transform the internet. The new internet will be fully decentralised and likely take more than a few years to develop. Lubin stated:

“Ethereum is far in the lead as a viable candidate for web 3.0. Largely because of its interoperable and radically decentralised nature. It may be a few years before our ecosystem achieves profound interoperability and decentralisation in the base and higher layers,” said Lubin. “But that is okay. We can grow into the radical future we imagine as we take care of adoption, use case exploration, user interface and user experience definition – all of which will keep us busy for years.”

Why Ethereum And Blockchain?

Lubin has spoken about the wealth generation in a tokenised economy and says that society is moving towards a world of global villages instead of a centralised model. Even though he mentions that the decentralisation could be a few years away, he says that the big growth for cryptocurrencies and blockchain is just getting started.

“The technology is still fairly immature. But there’s going to be so much evolution in this space, and everything that’s an asset right now is probably going to have representation as a crypto asset at some point in the future. There’s just so much growth ahead in the space”.

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