During his question and answer session with Forbes’ principal editor, Laura Shin, Ethereum co-founder, Joseph Lubin, spoke about the power of blockchain technology.
Lubin, addressed the audience with a casual but serious tone, initially discussing the influence of Bitcoin on cryptocurrencies in general. He said that while Bitcoin was an experiment with the potential of decentralized currencies, Ethereum and other projects want to take that idea to the next level, allowing people to receive a payment for the work that really interests them.
“Our company ConsenSys started to continue with the vision of the Ethereum project,” said Lubin. “It’s an open source project, with 100,000 to 200,000 people around the world building this system … The reward network encourages people to work on certain types of projects, from health care to supply chains and laws.”
Lubin said he sees the world of business changing, with Web 3.0, or the Semantic Web, at the center of everything. While the current form of business is the companies that offer services to the consumer, Lubin visualizes a world in which the exchanges pass from consumer to consumer without restrictions, although he pointed out that it will take time for the systems to be built and widely used. .
Shin asked Lubin about the legality of these aspirations, but Lubin emphasized that the goal of Ether and the Ethereum Project is not to become a cryptocurrency, but rather a cryptofuel for projects, hence its lack of concern for legal issues. He also assured the audience that Ethereum plans to avoid money laundering, something that other currencies have fought and continue to struggle with today, with a confidential form of identification. Lubin recalled that law enforcement can easily track these illegal actions with modern technology, which means that fluid, reliable and collaborative infrastructure will not be plagued by illegal activity.
“There are so many great projects in our space,” said Lubin. “There are so many bad projects in our space, there are so many fraudulent projects in our space, we understand that for hundreds of years, fraudulent agents have been taking advantage of people … it makes sense for regulators to examine it.”
Adding more deeply to music as an example of why the block chain could revolutionize payments, Lubin emphasized that intermediaries take between 70% and 80% of any music transaction today. With blockchain, Lubin said that consumers will have lower prices and, in turn, artists will receive 100% of their work income instantly,
Lubin said Ethereum’s success revolves around the Ethereum Improvement Process, giving a voice to thousands of people online to improve the protocol. Lubin emphasized that as Ethereum grows, more and more people will be concerned about its development. For example, Lubin proposed if transactions should be able to be voided, to which he said he would support most were for the idea, but stressed that the definition of such action needs to be reduced to ensure that the community puts its full force behind this .
Concluding the discussion, Shin flew about how Ethereum would supposedly change the world. Lubin said there’s nothing for the average person to worry about, and that improvements will come in all forms of life, from security, transaction speeds, contracts and more. With regard to recent spikes in the value of cryptocurrencies, Lubin said he does not care about prices and instead focuses on a broader picture
“The increase in prices drives speculation,” said Lubin. “And speculation drives innovation, so we like it when prices go up, but it’s bigger than that.”