Joe Lubin: Blockchain will be most of the economy within 20 years

16 Mar, 2019 | Updated: 16 Mar, 2019
by David Robb
Joe Lubin: Blockchain will be most of the economy within 20 years

Ethereum (ETH) co-founder Joe Lubin recently gave his thoughts about the future of the global economy and what role blockchain will have to play. At a SXSW event in Austin, he claimed that blockchain will be involved in most of the economy within 20 years, as reported by CoinTelegraph.

According to Lubin, the current state of blockchain can be compared to the early days of the internet. He pointed out that "there weren’t a lot of ‘normal’ people firing email around in 1983", but the technology eventually became much more widespread. This is an argument that has been made often about the blockchain and crypto space, suggesting that it has a long way to grow and that a long-term perspective is essential.

Lubin also talked about the future development of the Ethereum network, which has recently undergone two major new upgrades: "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".

Read more: Is Ethereum at $100,000 really possible?Is Ethereum dead? Here's why ETH still has a bright future

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