On 25th July, the Co-founder of the world’s second largest cryptocurrency Ethereum, Joseph Lubin stated that the city of Berlin is the most important destination for the blockchain world. This statement is backed by his opinion of Berlin having an excellent record in terms of infrastructure, talent, and programmers.
According to Lubin, Berlin requires support from its government to groom and encourage the growth of the blockchain technology. Additionally, the technology has just started-off and is still in its initial days. He also said:
“We’ve seen a lot of bubbles bursting, and will do so more often in blockchain and cryptocurrency. At $30, Bitcoin was a bubble, at $200 and at $20,000 even.”
Currently, Lubin is focusing on his blockchain-backed company called ConsenSys. A lot of work is being done on the development of its application on the Ethereum blockchain. ConsenSys is a joint collective of experts from the industry, such as technologists and entrepreneurs to bring decentralization into the world through practices, applications, and infrastructures
Lubin does not show interest in cryptocurrency. He also suggested that the Bitcoin buzz is essentially not worth the hype. Despite this, it will drive the blockchain technology forward by increasing the flow of money into the market.
The expert is also concerned with correcting errors in the current state of the internet. He believes that it is embedded with mistakes, such as privacy and data control issues. This helps corporations capitalize on their customer’s data to make profits. He also sees lack of means for quick cross-border remittance as a major flaw. According to him, ‘Web 3.0’ needs to be developed to reach the next stage of the Internet.
For instance, it is important to move away from ‘silos’. In other words, companies rely on collecting data and selling it to make profits. The control of people’s data must be in their own hands.
On hearing out Buterin’s description of the Ethereum platform, Lubin thought that it was ‘essentially the most elegant, the most powerful description of a blockchain platform up to that point’. One of the reasons behind this thought was that Ethereum gave a lot of software developers and programmers the freedom to work without worrying about the protocol layer.
On Ethereum, the software engineers could work with the similar tools that they have been using previously on the internet and mobile applications. This was facilitated in order to have a record of their own observations of problems and solutions alike.
Recently, Lubin also expressed his views onIndia adopting the blockchain technology and acknowledging the benefits of cryptocurrencies. The co-founder also believes that the only factor hindering the growth of the blockchain technology in the country is its lack of understanding and research on the subject.
More so, the technology is not facing opposition on a general front but is only undergoing regulatory implications regarding trading and conversions.
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