Ethereum Co-Founder Discusses Web 3.0 and Blockchain for Personal ID and Data Control
A recent video on YouTube showed Joseph Lubin, Ethereum cofounder delivering a speech on the likely benefits of web 3.0. He was talking about decentralization. He said it would ensure everyone has equal say while removing the need for central control.
Lubin And Decentralization
Lubin believes that decentralization will power Web 3.0. He said that decentralization arose in recent times due to anger over central control. For instance, the hierarchy of the world of finance caused huge losses for the masses.
Lubin said that central control had served us well up to now. However, that was when communication and decision-making were long and tedious processes. Now instant communication was possible, eliminating the need for central powers. He gave an Example of Ethereum where major decisions can be made in 15 seconds even when some actors have ill intent. For him, decentralization will work for various systems.
The Role Of ConsenSys Blockchain Software Company
Right now, he is working as the CEO of ConsenSys. He said the company was looking for methods on decentralizing work. The company will achieve this by using resources that ensure the growth of the ecosystem is due to the collective mindset of everyone. Thus, it will not just be the company making all the choices. To start with, Lubin said they had established initiatives such as Gitcoin, Kauri, and Bounties.
Kauri is a platform for technical documents. It collects knowledge from the ecosystem into one place. Gitcoin and Bounties make it possible to outsource work. This will be both for non-technical and technical work. Thus, they can work beyond the confines of the company.
Lubin has a belief that all of the platforms will make it possible for them and others to achieve more at a faster rate. The tools will allow the company to assemble a dynamic workforce, which will ensure they have teams that are tinier and better focused. As a result, they can have specialized talents working on projects when the need arises.
Web 3.0 And Online Identities
Lubin also discussed online identities. He said that ConsenSys was working on 50 projects, which were all focused on decentralization. Lubin has a belief that the internet was ready to move from Web 2.0 to Web 3.0. He said it was picking up steam quite well, and it was only a matter of time.
Lubin believes it will lead to the creation of a self-sovereign identity. One project that he taunted was the uPort project that wants to fix identity online. This is one of the major issues with Web 2.0. Most people’s identities online are highly fractured.
The uPort project will ensure users can protect their identity. Right now, having it stolen by hackers is quite easy. uPort helps to ensure that the users have complete protection from identity theft online. The protection is enabled with the use of a smart contract. Thus, people can make statements about themselves without needing to rely on a central power. This is why uPort is a self-sovereign identity project.