Blockchain will “probably take a little longer” to develop than the internet, because it is “much more complicated,” ConsenSys creator Joseph Lubin told German media outlet t3n in an interview, Cointelegraph auf Deutsch reported Nov. 9.
Lubin, who is also the co-founder of Ethereum (ETH), told reporters that blockchain technology is developing in a similar way to the web, citing its exponential growth with “hundreds of projects that are already practical for humans” to date.
Based on blockchain’s use case for decentralized cryptocurrencies, the digital entrepreneur also suggested that distributed ledger technology (DLT) will be able to “permeate society more than the Internet” and enable a decentralized internet, or Web3. Lubin, however, forecast that the adoption of blockchain on a mass scale will take longer than that of the internet:
“[Blockchain projects] will enable people to build more things that will come in handy again. That’s how the web was developed. It will probably take a little longer, because it is much more complicated. Also, because we work on topics such as digital money, Blockchain will permeate society more than the Internet. Everything will be networked in a Web3.”
In the interview, Lubin stressed the fact that ConsenSys – an Ethereum-focused startup incubator and infrastructure development firm – was “born” prior to the release of Ethereum, with the goal of building the tools and infrastructure to enable a decentralized “ecosystem” in which Ethereum could function.
Lubin also emphasized that the firm is interested in bringing that ecosystem forward rather than “controlling” it:
“We [ConsenSys] do many things, but we are not interested in controlling the ecosystem. We are interested in promoting the ecosystem.”
Addressing the question of the Ethereum ecosystem’s decentralization, Lubin retorted “[d]o you expect it to be fully mature, three years after its creation?”
When asked about how the dynamics of the current internet could be transformed in Web3, Lubin shrugged off a comparison between ConsenSys and major internet giants like Facebook and Google, insteading pointing to “IBM and Microsoft, Accenture and Deloitte” as possible centralizing forces in blockchain.
Lubin also stated that the principle business models of the internet today are contradictory to the nature of blockchain, which “enables a self-determined, sovereign identity.”
Earlier this year, Lubin predicted that the global community is moving towards a world based on “decentralized governance,” supporting the idea that major cryptocurrency Bitcoin (BTC) is likely to remain the world’s “digital gold,” while Ethereum would serve as a “fuel” for decentralized ecosystems.
Author: Cointelegraph By Helen Partz