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Lubin and Buterin Speak on Innovations in Ethereum

Lubin and Buterin Speak on Innovations in Ethereum

Reading Time: 3 minutes by on July 30, 2018 Blockchain, Commentary, Ethereum, News
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Ethereum thought leaders and cofounders Joseph Lubin and Vitalik Buterin, spoke at the TechCrunch Ethereum meetup in Switzerland, sharing opinions, thoughts, and future development of the burgeoning protocol. 

Lubin on ConsenSys and Ethereum-powered Companies

At the July 7 TechCrunch Ethereum Meetup conference held in Switzerland, Joe Lubin held a fireside chat wherein he discussed the efforts by ConsenSys utilize Ethereum-based systems in real-world environments.

Joe Lubin,53, is the co-founder of Ethereum and founded ConsenSys after reading Buterins’ white paper on January 1, 2015. He was also involved in the creation of the Ethereum foundation. He graduated cum laude with a degree in electrical engineering and computer science from Princeton.

During the TechCrunch Fireside chat, Lubin stated that ConsenSys is working on some projects that will increase the global adoption of Ethereum. He sees Ethereum progressing as a decentralized web computing platform that offers automated agreements and smart software objects.

Lubin added Etheruem is an ideal platform for building industries to include music, supply chain, journalism, and others. It provides users with greater control over their personal information and with more significant social and political agency. Ethereum offers a decentralization ecosystem, and it is an ideal as a layer one platform. 94% of all tokens are created on the Ethereum platform.

Some of the Lubin-backed projects like Metamask have widespread adoption, such as Benefactory seem to have been abandoned.

He goes on to say that Ethereum provides developers seeking to create a business model an incentivized way to create a token design. This is why ConsenSys Labs does not directly invest in projects but works as an autonomous network of companies.

ConsenSys, founded in 2015 is the world’s leading blockchain consulting company with 900 employees across the globe and is headquartered in Brooklyn. The company is involved in more than 48 major companies and projects called “spokes.”

Buterin on Ethereum Protocol Developments

Vitalik Buterin, 24, a cryptocurrency researcher and programmer involved with the Bitcoin Magazine, wrote the first version of the Ethereum white paper on November 2013. His vision was that Bitcoin needed a scripting language for application development. With his ideas rejected by the Bitcoin community, Buterin went on to create the Ethereum cryptocurrency.

On what Ethereum-based projects will be successful, he provides some great questions to ask:

“What is a blockchain’s unique competitive advantage? What are things that you can do with blockchains that you can do only with more difficulty without them?”

Parallel to what Lubin said, Buterin also indicates that he sees Ethereum as a “world computer” on which anything can be built.

“On a blockchain, you can ultimately build anything that you can build on top of a computer. From a computer science theoretical point of view, regarding what it provides, you can think about it as being a computer.”

Buterin also discusses which groups of people are possibly going to be the next innovators. While large companies like Amazon and ConsenSys are pushing the boundaries of corporate innovation, he discusses other opportunities:

“You could also be a groupie, someone who has intellectual ideas, likes hanging out with us, and just happens to fly around everywhere to the same cities that we’re in.”

The Ethereum Foundation sponsors a lot of programmers, but Buterin also says excellent ideas can come from anywhere:

“There’s definitely people who work outside of the Ethereum Foundation as a formal organization that have made much bigger contributions than even some people inside of the foundation. I think that’s part of where a lot of the successful innovation has come from.”

And while ConsenSys is working on building on top of Ethereum, Buterin is also introducing some Layer 2 technologies that will improve transaction speeds. The 23-year-old believes just raw ability to process more transactions per second is critical, and that could happen through sharding and other base-layer scalability upgrades to the system.

Buterin stated if “any of these approaches end up succeeding,” blockchains will end up being substantially cheaper and substantially more ready for actual mainstream use.

Buterin also discusses Quantum Computing’s impact on the cryptographic protections of Ethereum:

“Oh, it absolutely matters because quantum computing will make a lot of cryptography that’s used in modern times just not work any more. Digital signature algorithms won’t work any more.”

Cutting-edge Ethereum Opportunities

Both Lubin and Buterin are on the cutting edge of Ethereum-based projects and creating opportunities for innovations in every sector. Many of the projects that these two innovators are working on will impact our daily lives in many ways. Also, they have created an opportunity for many other innovators to develop entirely new ideas using Ethereum technologies. Organizations like Amazon, Microsoft and others are all working with Lubin and Buterin’s companies to create easy to use tools for developers to create that next big idea. The future is very bright, indeed.

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