Ethereum and ConsenSys’ Joseph Lubin Says Cryptocurrencies Are the Evolution of Money
Ethereum’s co-founder, Joseph Lubin, said that virtual currencies are the natural evolution of money. On September 25, ConsenSys founder, wrote an op-ed in Quartz, and explained that the society has always been reluctant to adopt new concepts of money.
About it, he said:
“Cryptocurrency Is in many ways a natural evolution of prior representational systems, though one that favors truth over state-sanctioned power.”
In the article, Lubin talked about how difficult was for digital cash transfers and wires to be accepted by companies and the population. He then said that virtual currencies are part of this evolution and that cryptos are 21st century’s paper money.
Due to the fact that blockchain networks behind these virtual currencies are decentralized, it could be possible to distribute wealth in a much easier way than in the current system.
Moreover, migrants and other displaced persons, could use blockchain technology to store documents and present them in other countries. At the same time, they would be able to send funds back to their countries and their families without having to be connected through a traditional financial institution such as a bank.
Lubin is also very positive about the future of virtual currencies. He believes that the current slumps are just ‘little pimples on a chart.’ In the future, he thinks that cryptocurrencies would grow exponentially and that each bubble leaves a ‘tremendous surge in activity.’
ConsenSys is an important company that works with projects related to education, consultancy, advising and others. According to Lubin, the company is operating according to guidance provided by the U.S. Securities and Exchange Commission (SEC).