Ethereum co-founder Joseph Lubin believes blockchain will have the same kind of impact in the future as the internet had in the late nineties, writes Business Insider. The co-founder of ConsenSys was speaking at the MoneyConf in Dublin where the blockchain company has opened its new office.
Lubin made it clear that he was looking for blockchain to make a lasting impact: “This technology is so profound, it’s going to do so many amazing things for economic, social, and political systems worldwide… We’ve really no concern that the ecosystem or the technology is in real danger.”
He went on to compare current activity fintech space to the dot-com boom of the late 90s, a period of extreme growth and intense activity in the usage and adaptation of the internet. Lubin suggested there was clearly a parallel today, given the same degree of high investment coupled with high gains and losses in cryptocurrency activity, according to the success of company projects.
The entrepreneur argued that the growth of the internet was mirrored today by current developments in the space, as cryptocurrencies and their underlying technology were repeating history:
“There was a tremendous amount of creative destruction in the dotcom era that laid the foundation and taught all of us how to build an effective internet, an effective world wide web, and really transform society. I think that we will see dynamics like that in place in the blockchain space.”
He was clear in his views that although scams are clearly not welcome, they don’t impact of the overall image of the industry, and that the US Securities and Exchange Commission (SEC) was right in taking these issues on in order to clean up the space. He put the crypto “bad-actor syndrome” down to the failings of human nature and the fact that cryptocurrency investment was open for all.
Lubin pointed to the West in terms of where some of the most progressive movements in the industry were originating, citing the US and Europe as the major source of innovation.
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