Looking at it from a scarcity to an abundance point of view, the Ethereum blockchain technology is set to drive a monumental and great shift in the society. Those were the words spoken by Joseph Lubin, who is one of the co-founders of Ethereum. He said these words at the Web Summit that was held in Lisbon, Portugal last week.
The Theory Of Blockchain Impact
Lubin has a theoretical way of explaining the impact that blockchain has had so far in the market. While delivering his keynote speech at the summit, Lubin pointed out that Ethereum has higher chances of playing a major role in the restructuring the internet to work as a wholly decentralized ecosystem. According to his own opinion, Lubin, who also doubles up as the ConsenSys’ co-founder, the continued development of the blockchain network will work as a catalyst for improved innovation at all human society levels. This can only be possible by coming up with a framework for sovereign, and self-determined identity.
In other remarks that he made recently, Lubin has stated that the enhanced decentralization and the evolution of blockchain network would create a future where people will exert much control over their agency and identity. This, in turn, will lead to the creation of wealth as individuals seek to express themselves more using several platforms including even an increased love for luxurious things.
The Scaling Of ETH Will Lead To A Radical Future
According to Lubin, Ethereum would play a major role in the creation of the much-hypedWeb 3.0 technology. This is a new breed of internet experience that will seek to utilize the whole idea of decentralization to its benefits. While speaking at the event in Lisbon, Portugal, Lubin stated that ETH is so far leading as one of the best candidates for Web 3.0. This is because of its radically and interoperable decentralized system.
According to the sentiments of this technocrat, there is a major difference between the generation of wealth in the current paradigm and in an economy that has been entirely tokenized. This can also be illustrated by a qualitative shift that is moving the society far away from the centralized model and towards a global villages society.
Ethereum’s Swift Growth
Lubin has been so optimistic about the development of Ethereum, and his optimism is underlined by the latest activities that have been happening in the market. Large power players have now decided to back the blockchain technology for powering up huge disruptions. Just recently, JP Morgan Chase, which a financial giant launched a plan that would use its Ethereum blockchain’s enterprise version, Quorum for the tokenization of gold bars.
According to Umar Farooq, who is the head of blockchain initiative at JP Morgan, the Quorum is a great idea and JP Morgan is one of the biggest believers of Ethereum blockchain network. But isn’t this the same marked departure from the lingual that Jamie Dimon once used when referring to the leading crypto, Bitcoin? Jamie Dimon is the Chief Executive Officer for JP Morgan.