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ConsenSys Founder Joe Lubin: Everything About Ethereum Must Improve

Last Updated March 4, 2021 2:44 PM
Gerelyn Terzo
Last Updated March 4, 2021 2:44 PM

By CCN.com: On a day when the Ethereum price outperformed bitcoin, soaring more than 6%, the project’s co-founder is speaking out. Joe Lubin, who co-founded Ethereum and founded ConsenSys, the latter of which has dozens of projects “building on Ethereum,” was a guest on the Chain Reaction Podcast hosted by Delphi Digital Co-Founder Tom Shaughnessy. He confronted some of the “growing pains” that Ethereum has been suffering from, saying that Ethereum 1.0 was a “starting point” and developers knew it “wouldn’t be scalable.” Lubin explained:

“Growing pains are essential and wonderful. If we didn’t grow to the point that there were pains, it could be arguged that we’re moving too slowly as an ecosystem… Certainly, everything about Ethereum needs to improve and there are lots of people that are working to improve virtually everything about Ethereum.”

As for bitcoin, the risk is moving too fast:

“Even bitcoin was intended to evolve. Although one could understand the case that it should perhaps evolve more slowly, possibly perhaps even at glacial speeds if you’re building a decentralized  money system intended for the planet maybe you don’t want rapid growth in your technology.”

‘Tron and EOS Fake It Till They Make It’

The blockchain ecosystem remains a nascent space, one whose projects are open-source in nature. There’s a lot of collaboration that goes on. But that doesn’t mean different blockchains don’t compete. Lubin stated:

“Good events anywhere in our ecosystem lift all boats and some projects are certainly intending to be competitive with Ethereum. Some projects are focusing on marketing to be competitive with Ethereum. So [put] Tron and EOS in that basket. And both of them kind of taken the approach of ‘raise a bunch of money and fake it till you make it,’ basically. And we’ll see how that goes.” 

Despite the competition day in and day out, Lubin also describes a “collaborative ecosystem.” He says many projects have “close ties to Ethereum,” adding:

“But  we all are very friendly pretty much and run into each other at conferences multiple times a year around the world.” 

This is where the rubber meets the road. Ethereum – despite growing pains – distances itself from the pack.

“In the context of this openness, this collaboration and communication, Ethereum has, in my opinion, the best technology by a lot. The best technologists and so many more of them. And an orders of magnitude bigger ecosystem. And I feel like the project is moving faster.”