Joseph Lubin, ConsenSys Creator has stated that the development of blockchain will take a little longer than the time it took to develop the internet due to the complicated features of the blockchain network. Lubin said this during a recent interview with German media outlet t3n.
Brief History of the Blockchain Network
The blockchain is an increasing array of data also called blocks invented in 2008 by Satoshi Nakamoto to serve as a public ledger for bitcoin transactions. It can rightly be described as the backbone for a new internet being utilized for several other purposes asides bitcoin. These blocks are linked to one another using cryptography. Blockchain can also be called a database possessing immutable records, fast access, tight security and lots more- all of which makes it very reliable and trusted by professionals.
Blockchain Growing at an Exponential Rate
Lubin, who happens to be a co-founder of Ethereum, told reporters that the rapid growth and development of the blockchain technology is very evident due to its mass adoption by several projects already harnessing its benefits and making them useful for humans in day to day activities. He attributed this development to be very similar to the rate at which the web is also expanding.
The digital expert also mentioned that due to the use the use of blockchain for decentralized currencies, the distributed ledger technology would have to ability to encompass the society much more than how the internet has thereby creating Web3 or a decentralized internet. He, however, added that the adoption of the blockchain technology on a wide scale would take a little longer than the way the internet was.
ConsenSys to Compete with Tech Giants
Lubin stressed, during the interview that the Ethereum-focused startup incubator, ConsenSys which is also a firm for infrastructure development was started before the release of Ethereum. The goal of this startup incubator was to build the infrastructure and tools for an ecosystem that is decentralized in order for Ethereum to function properly.
He emphasized that ConsenSys is not interested in controlling the ecosystem, instead, they are interested in bringing it forward. While answering the question of the decentralization of Ethereum’s ecosystem, he retorted and asked whether the ecosystem was expected to be fully mature only three years after its creation.
“[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.”
Bitcoin: Digital Gold, Ethereum: Digital Fuel
Further questions asked about the dynamics of the internet currently in use by everyone about its transformation to Web3, he pointed Accenture and Deloitte, IBM and Microsoft as forces possibly centralizing blockchain waiving off a comparison between major internet stakeholders like Google and Facebook with ConsenSys.
Lubin concluded by stating the feature of blockchain being a technology which allows for a sovereign identity. This is different from the conceptual business structures of today which tends to centralize a whole lot of principles and concepts.
He had predicted earlier this year that the world is gradually moving towards a global community with decentralized governance backing the idea that Bitcoin, which is the major cryptocurrency, will remain the digital gold of the world while Ethereum, on the other hand, would serve as the fuel to drive decentralized ecosystems.