Tuesday, July 14, 2020

Creating Technology Of Value Outweighs Price, Joseph Lubin Says

In a recent statement by Joseph Lubin, who is the co-founder of Ethereum made it known to the Ethereum community that the team was more focused on building the technology of immense value than being concerned about its price.

In his statement, he also emphasized that the price of Ethereum didn’t drop because of the lack of trust in the technology but that it was normal to see these sort of corrections as it is in the market today.

“Our company consensus, and all the people in the Ethereum ecosystem, our software developers, (are focused) on building infrastructure. We let the price take care of itself. The price started at 20 to 25 cents a few years ago, and it surged quite dramatically. It makes a lot of sense that general fear-greed dynamics tend to cause overshoots and corrections, so we’re in great shape.”

From his statement, we can deduce that the Ethereum project has done well in the past few years both in price and in also its technological development. The Ethereum saw its price peak on the 13th of January 2018 with ETH tokens being priced at $1,428.03/token at the time. Despite the fall of ETH tokens to its current price of $444.55, there has been remarkable growth when compared to when it all started at 20 cents/token.

Lubin also added that the Ethereum team had a lot up their sleeves, rolling out these projects which are already in development will help make the protocol better, and that’s all that matters.

“We’re moving into an era of scalability for the Ethereum network. We have our trust layer – layer 1 – and we’re adding layer 2 infrastructure in the form of state channels, sidechains, mechanisms like Plasma that enable our sidechains to have high transactions throughput – tens or even hundreds of thousands of transactions per second – that are secured by the layer 1 infrastructure that’s in place already. So, if the price is high or if price shoots up and down, that’s great for us because it draws attention to our ecosystem and all that interest drives our fundamental value.”

Vitalik himself had spoken on how to improve the Ethereum blockchain better saying the solution was to introduce Casper and Sharding to enhance its performance better. The community looks forward to the implementation of Casper sometime in 2019 and Sharding is scheduled to be completed by 2020.

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