Joseph Lubin Believes Blockchain Will Dominate the Economy in 10 to 20 Years

The co-founder of Ethereum (ETH) and founder of ConsenSys said that the global economy in 10 to 20 years will have most of its component from blockchain technology.

He gave these comments at the SXSW conference in Austin, Texas, on March 14.

Lubin Believes Blockchain Adoption Will Reach the Whole Economy

Lubin talked about blockchain technology and how it will grow in the future and reach several sectors of the economy. He said that there are not “normal” people using blockchain-related systems nowadays.

Indeed, companies have failed to be able to produce a blockchain system that englobes a large number of users around the world. However, he said that back in 1983, there were not a lot of normal people using email on a daily basis.

He has also talked about Ethereum 2.0 and the inefficiencies related to Bitcoin (BTC). Lubin said that Ethereum 2.0 will not have these inefficiencies. About it, Lubin commented:

“In Bitcoin and currently in Ethereum, you need to have specialized hardware, burn lots of electricity waste lots of computation, to basically keep everybody in sync. [With Ethereum 2.0, in 18 months] we’ll have a blockchain system much more powerful and scalable that uses orders of magnitude less energy.”

Ethereum aims at moving towards a Proof-of-Stake (PoS) consensus algorithm with the intention of making the network much more efficient than with the current Proof-of-Work (PoW) consensus algorithm.

There are many experts that believe that digital assets and blockchain technology will grow during the next years. Blockchain technology allows companies to have improved services and products and provide enhanced solutions to users.

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