ConsenSys Founder, Joe Lubin: “Ethereum (ETH) a Better Currency than Bitcoin (BTC)”
Joe Lubin, a prominent figure in Ethereum and the cryptocurrency community as well, appeared on Tom Shaughnessy of Delphi Digital (DelphiDigital.io) podcast to discuss Ethereum, Bitcoin and other topics affecting the blockchain industry today. The founder of ConsenSys, a company dedicated to developing applications on the Ethereum blockchain, further spoke on the problems facing Ethereum. He concluded the talk on the competition that Ethereum faces from projects such as Tron and EOS.
ConsenSys founder, Joe Lubin
New Episode with @ethereumJoseph 🗝️
— Tom Shaughnessy🦉 (@Shaughnessy119) May 6, 2019
On The Problems Facing Ethereum…
Joe answered the queries on the challenges Ethereum 1.0 is facing as a blockchain including high gas and transaction fees and the scalability problem saying the early developers knew the problems. However, they created the blockchain as a starting point to ease adoption as development continues. He further commented saying the current challenges being faced in the field of smart contract technology and Ethereum is a testament to the growth of the system.
However, Lubin believes the blockchain still needs to improve hence the growing number of developer communities. Ethereum boasts of arguably the biggest developer community across the cryptocurrency field. He said,
“Certainly, everything about Ethereum needs to improve and there are lots of people that are working to improve virtually everything about Ethereum.”
Further making his point on the benefits of gradual growth, Joe said that Bitcoin may be growing a bit too fast given its goal on being the global currency. He suggests a slower gradual growth for the Bitcoin blockchain is key saying,
“Even bitcoin was intended to evolve. Although one could understand the case that it should perhaps evolve more slowly, possibly perhaps even at glacial speeds if you’re building a decentralized money system intended for the planet maybe you don’t want rapid growth in your technology.”
Ethereum As A Better Currency Than Bitcoin…
The ConsenSys founder further praised the capabilities of ether as a global digital currency given its better programmable qualities than Bitcoin. Speaking on the issue Lubin said,
“As we see more and more utilization [of Ethereum], and a more sophisticated consumer layer or corporate layer use of the technology, the Ether token will increase in value and I think it will start getting used as money because it’s a better more programmable money than Bitcoin is.”
He further said the wallets being built further enhance Ethereum as money as transfers can be made across the globe by settling smart contracts.
Competition With Other Blockchain Ecosystems
The world of blockchain is an open public space that lets the markets decide on the winner. This has been the case since Ethereum came to light in 2013, aiming to solve the problems facing Bitcoin and other early blockchains. In the same breath, other blockchains (such as EOS and Tron) have come been developed to solve the problems facing Ethereum.
However, Lubin believes that these blockchains are not in competition with one another as they all work towards achieving the same goal – global adoption of blockchain technology. The top officials at most of the projects meet up in blockchain conferences across the world and share ideas to build a collaborative ecosystem.
Blockchains such as Tron and EOS, however, leave a bitter taste in Joe as they focus their might on competing with Ethereum. Lubin said,
“Some projects are focusing on marketing to be competitive with Ethereum. So [put] Tron and EOS in that basket. And both of them kind of taken the approach of ‘raise a bunch of money and fake it till you make it,’ basically. And we’ll see how that goes.”
ETH price in the past week (Coinmarketcap)
Ethereum continues its climb towards $200 USD mark after the recent heroics in the weekly price chart. ETH soared by 15% in the past week to trade at $176 USD this Tuesday. The coin remains 2nd on the market capitalization rankings with a total market cap of $18,848,055,700 USD.