The emergence of cryptocurrency is the result of the natural evolution of the representative money systems that preceded it, said the co-founder of Ethereum and the head of ConsenSys, Joseph Lubin.
In his opinion, society has always been skeptical of those who come up with new concepts of money.
“In many respects, cryptocurrency is a natural evolution of the representative systems that precede it, although it prevails over government-sanctioned power”, he said.
Lyubin noted that a significant part of Europe objected to the appearance of paper money before the 1600s, and later also against the emergence of digital money transfers.
He described the digital currency as a “21st century paper version”, and also noted that their decentralized and open nature differs from the “government money systems and financial mechanisms behind them”.
According to Lubin, the use of cryptocurrency can ultimately lead to the distribution of wealth thanks to the ability of decentralized networks. He also recalled the feasibility of using the blockchain technology to provide refugees with the opportunity to identify and store personal data. This will allow them to earn a living, for example, as collateral for a loan.
According to Lubin, networked open platforms will eventually become the basis for "collective relations between people" and replace the "competitive system consisting of corporations and customers".
Lubin continues with an optimistic opinion about the price and volatility of Bitcoin - earlier in an interview with Bloomberg, he noted that, despite the declining cost of cryptocurrency, price bubbles will appear “small bumps on the chart” because “the growth was exponential”.
In another interview, he spoke about the work of ConsenSys, which leads projects related to training, consulting, and investments in capital markets. Lyubin explained that the company is guided by the SEC instructions when it comes to whether a particular project is a security token or a consumer utility.
Answering a question about the potential possibilities of ConsenSys, Lubin said that the blockchain could become a link for "companies or people who do not trust each other yet" but want to "increase trust and interact."