ConsenSys is a blockchain company that focuses on building infrastructure, applications and practices to empower a decentralized world.
Based in New York, ConsenSys has spent the last couple of years initiating projects to this effect.
A brainchild of Canadian entrepreneur Joseph Lubin, ConsenSys has built numerous projects from the ground up using the new technology. Indeed, some of its projects include Ujo Music, Ether.camp, Blockapp Strato, Meridio and many others. In fact, the German media platform T3N got Lubin to share his thoughts on the prospects of the blockchain industry.
The exclusive interview with Joseph Lubin
As the chat progressed, the interviewer asked the Canadian billionaire for his take on Web 2.0 vs blockchain or Web 3.0. Lubin, who is also the co-founder of Switzerland-based EthSuisse, offered an interesting opinion. Kicking off with Web 2.0, he said that web technology focuses on protecting the interests of tech providers and content. However, he noted that its current business model sees consumers as mere products. On the blockchain, it enables “a self-determined, sovereign identity.”
Speaking further, he said that humans can enter their identities on blockchain systems and control it with the aid of a browser. On the other hand, Lubin added that identity is crucial in Web 3. On the possibility of developing blockchain-based influential apps, he asserted that the evolving technology is still in its infancy. He argued that such apps are not feasible at the moment, but believes that the future holds promise.
Blockchain versus the Internet
Asked to make a comparison, Lubin gave a swift response. He stated that it took the Internet about two decades to reach the mainstream. However, Lubin expresses dismay that blockchain technology could experience slower adoption due to its complexity. Nonetheless, many projects utilize this new technology helping to reach the mainstream.
On the bright side, the Canadian business mogul predicts that the blockchain will make a bigger impact than the Internet. To emphasize this point, he said that blockchain technology involves cryptocurrency, adding that everything revolves around Web 3.0.
Ethereum (ETH) versus Bitcoin (BTC)
Additionally, the interviewer asked the ConsenSys founder to make a quick comparison between Bitcoin and Ethereum. Given that most of ConsenSys’ projects are Ethereum-driven, Lubin’s answer was predictable.
He said that Ethereum was better than Bitcioin, adding that chances are that the price of Ethereum would equal that of Bitcoin. Therefore, Lubin prefers Ethereum because, according to him, it is “cheaper and faster to transport values with it.
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