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Blockchain to Dominate Global Economy, Predicts Ethereum’s Co-founder Joseph Lubin

According to the co-founder of Ethereum, Joseph Lubin, blockchain technology is going to be the dominant technology in the next one to two decades to come. He further predicted that blockchain would also contribute to catalyzing the growth of the global economy in the future. Lubin made these comments during his keynote address at SXSW conference on March 14 held at Austin. Speaking on occasion, Lubin predicted that in the coming 10 or 20 years, the global economy would become ten times larger than its present size and the blockchain technology is going to contribute effectively to accomplish the target of such a large extension. Most of the major enterprises and organizations are expected to use blockchain technology in the future and hence, the open ledger technology assumes quite a significance for the market growth. Citing the example of internet and email, Lubin elaborated on his prediction of blockchain becoming the mainstay technology in the future. Before the widespread usage of internet and email, these innovations were also being doubted about, but with time, both these have become part and parcel of our life. Lubin envisions the same kind of scenario for the blockchain technology.

Ethereum 2.0 in Works

Co-founder of Ethereum also used this opportunity to address the advantages that he thinks make Ethereum 2.0 a better proposition than Bitcoin. Divulging specifics, he said that the research and development team at Ethereum is specifically focusing on the inefficiencies related to Bitcoin so as to make the new iteration of his cryptocurrency capable of taking on the challenges related to digital coins. Some of the issues associated with inefficiencies of digital coins include high usage of electricity, wastage of loads of computational data, etc. With the Ethereum 2.0, a new blockchain system will be in place that will address all these inefficiencies in addition to solving the issue of scalability.  It is estimated that Ethereum will take at least one and a half year to release its 2.0 iteration which will drastically overhaul the existing system of proof of work to proof of stake. The developers are closely working on important aspects which are causing hurdles for the current iteration and hope that new development will lead to revolutionizing the entire industry and overall framework it operates in.

Blockchain for Artist Community

Earlier in the week also, Lubin was in the news for his comments related to blockchain benefits for the content creators. He specifically suggested that artists are going to be immensely benefited with the blockchain as it will provide them with greater control over their content distribution. The greatest benefit of blockchain technology in artistic space will be the removal of the middlemen that usually take away a chunk of profit associated with the content distribution. This means the musicians, writers, and other creative persons can do away with the middleman with the help of blockchain technology. According to Lubin, around 70% of the total profit is captured by big records company with only 11-12% going to the musicians and artists. These big record companies can be replaced with some kind of smart contracts on the blockchain platform that will help the artists to dispense with intermediaries.

In terms of overall industry scenario, the cryptocurrency is finding positive traction in 2019 after having an abysmal year in the form of 2018. The last year proved to be disastrous for digital coins as price volatility, and overall weak sentiments kept the pressure intact on the crypto industry. The year 2019, on the other hand, has proved to be more eventful as most of the cryptocurrencies have registered significant growth in their valuations so far. Ethereum too has cemented its position and trading at a decent level against the dollar. In a related development, Electric Capital which is operating in the domain of crypto analytics reported that Ethereum has the highest number of monthly contribution from the developers which is quite a significant achievement for the altcoin.

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