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Blockchain To Accelerate Development Of World Economy – Joseph Lubin

15:01 18/03/2019
Blockchain Technology To Contribute To Growth Of Global Economy

Joseph Lubin, one of the Ethereum founders and the head of the blockchain startup ConsenSys, reiterated his support for blockchain technology at the SXSW conference in the American city of Austin and stated that it would contribute to the tenfold increase in the world economy growth rates in the next 20 years.

 

Sometimes humankind has troubles with accepting something new, so the distributed ledger technology has not yet become widespread. Lubin gave an example of email. Four decades ago, people also knew very little about it and used it quite rarely, and today it is difficult to imagine communication without it.

 

The crypto enthusiast also mentioned Ethereum and its version 2.0 in his speech. When it is implemented, many shortcomings that were noticed by network users will be a thing of the past.

 

The networks of the two leading cryptocurrencies, Bitcoin and Ethereum, require special equipment, which consumes a lot of electricity only to ensure network synchronization. According to Lubin, after a year and a half, the second version of Ethereum will have a powerful and scalable network that will not require a large amount of energy.

 

Earlier, the Ethereum co-founder focused on the benefits of blockchain technology and decentralization for workers of various creative professions, especially for musicians and journalists. Another co-founder of the Ethereum network, Vitalik Buterin, believes that blockchain may face difficulties in the non-financial sphere.

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