Ethereum Founder Envisions Crypto's Impending "Broadband Moment
Joe Lubin, one of the co-founders of Ethereum and the current overseer of ConsenSys, recently shared his optimistic outlook on the future of crypto. Despite the recent conversations surrounding the collapse of FTX and ongoing regulatory discussions, Lubin remains steadfast in his belief in the original principles of Ethereum. He sees blockchains and decentralized software projects as vehicles for a new political and social order that transcends the influence of Big Tech.
Lubin expressed his lack of concern regarding the fallout from the demise of centralized crypto services like FTX, which resulted in losses for companies such as Voyager and Celsius. He considers them to be non-genuine crypto companies that exploited the messaging of the industry to deceive inexperienced consumers. From his perspective, the troubles faced by these entities have played a role in purging the market and enabling true crypto companies to refocus and rebuild.
Drawing an analogy to the "broadband moment," Lubin envisions a similar breakthrough for crypto. He believes that the recent developments have set the stage for a broader adoption of cryptocurrencies and blockchain technology, similar to how widespread fiber build-outs facilitated the widespread adoption of the internet. In line with this vision, ConsenSys is rebranding and expanding its services beyond developers and end users. The new focus is on making crypto tools more accessible and empowering individuals from all backgrounds to participate in building a decentralized version of the internet, free from data-gobbling monopolies.
While Lubin's perspective aligns with the theories of venture capitalist and Web3 advocate Chris Dixon, skepticism remains. Governments and established tech companies still hold significant power, and public sentiment towards crypto has become more critical. It may be prudent for the crypto industry to prioritize addressing security concerns and ensuring the protection of users' funds rather than focusing solely on utopian visions.
Nonetheless, Lubin argues that crypto is on the verge of another breakthrough, following the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs). He identifies wallets as a key area to watch, particularly as major companies like Coinbase develop "wallet as a service" tools to facilitate the integration of crypto into various business operations. This aligns with the growing trend of established brands, such as Starbucks, Nike, and Reddit, quietly adopting crypto and NFTs behind the scenes.
Lubin's optimistic vision may seem far-fetched in certain aspects, but if even a fraction of it materializes, the crypto industry could experience significant advancements. The industry should continue to prioritize security measures and practical implementations while striving for the broader adoption and usability of crypto technologies.