“We are shifting towards a world of decentralized governance”, Ethereum’s Joe Lubin

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by | 13th July 2018 | 0 comments

The Rise conference which was conducted in Hong Kong on Wednesday, July 11th saw some of the major cryptocurrency industry dignitaries giving their opinions on the major implications of cryptocurrencies for – and beyond – the global economy.

The participants of the panel included CEO of crypto merchant bank Galaxy Digital Mike Novgoratz, Ethereum Foundation’s co-founder Joseph Lubin, Tenx’s Julian Hosp, Crypto.com CEO Kris Marszalek, and Wall Street Journal columnist Jacky Wong.

The very first question asked was the most popular and common one, whether crypto can replace fiat, to which Mike Novogratz said, “neither Bitcoin (BTC) nor Ethereum (ETH) possesses the ability to do so in the short-term.”

He then added, “instead of a ‘system change’, Both of them present themselves as a substitute for liquid currency.”

Novgoratz further suggested, “In the future, Ethereum would serve as a form of ‘crypto-fuel’ for decentralized systems with Bitcoin likely to remain as a ‘store of value,’ or ‘digital gold.’

Following this comment, the co-founder of Ethereum Foundation Joseph Lubin was also in agreement with this classification, as he stated that Ether would be “just one of the various crypto-commodities in an information ecosystem”:

“The whole world is experiencing a qualitative shift in the nature of money and moving in the direction of a world of ‘universal villages’ where one could have decentralized governance, one could raise money through their own cryptocurrency or value token within these networks, set specific  goals and mechanisms for the ecosystem.”

Julian Hosp of TenX was in agreement with  Lubin’s vision, by going on to state that “in the future, the current system would be refurbished by fungible digital tokens and serve all aspects of the global economy, whether in consumer goods, equity, and stock markets or real estate.

However, Hosp did not agree with  Novogratz’s statement and went on to raise an argument, by stating,  “if you look at it, cash would be considered as one of the many existing assets, and not particularly being considered as the best or ideal medium of exchange in any specific ecosystem.”

Moving further Lubin then directed the panel’s attention towards the much wider impact of “tokenized” systems, a topic which he previously characterized in his solo speech at Rise today as a “completely unique architecture for society.”

Regardless of how one would define Lubin’s contributions, as some would define it as  “protocol-based urban platforms,” “global villages,” or “networked business models,” the point that Lubin wished to make was that cryptocurrencies would eventually reshape the entire society – regardless of whether they will eventually replace cash as payment “for your Starbucks coffee.”

Back in the previous month at MoneyConf in Dublin, the Co-founder and CEO of Circle, Jeremy Allaire, revealed the unprecedented ‘crypto-revolution’ vision of Lubin by stating that that entire global ecosystem is “at the initial stages of a tokenization of everything.”

 

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