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cryptocurrency is the result of natural evolution of money (IBG News)

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The appearance of the cryptocurrency is the result of the natural evolution of the representative systems preceding it, said the co — founder of Ethereum and the head of ConsenSys, Joseph Lubin .

In his opinion, society has always been skeptical of those who come up with new concepts of money.

“Cryptocurrency is in many ways a natural evolution of its predecessor representative systems, though it dominates over state-sanctioned power,” he said.

Lubin noted that a significant part of Europe objected to the emergence of paper money until the 1600s, and in the future-and against the emergence of digital money transfers.

He described the digital currency as” a version of 21st century paper money “and noted that its decentralized and open nature is different from the”government monetary systems and financial mechanisms behind them”.

According to Lubin, the use of cryptocurrencies can eventually lead to the distribution of wealth due to the ability of decentralized networks. He also recalled the feasibility of using blockchain technology to enable refugees to identify and store personal data. This will enable them to earn a living, for example, as security for credit.

According to Lubin, network open platforms will eventually become the basis for” collective human relations “and will replace”a competitive system consisting of corporations and customers.”

Lubin continues to hold an optimistic opinion about the price and volatility of bitcoin — earlier in an interview with Bloomberg, he noted that, despite the declining cost of cryptocurrencies, price bubbles will seem “small bumps in the chart” because “growth was exponential.”

In another interview, he spoke about the work of ConsenSys, which leads projects related to training, consulting, and investment in capital markets. Lubin explained that the company is guided by the instructions of the SEC when asking whether a particular project is a security token or a consumer utility.

Asked about ConsenSys ‘potential, Lubin said the blockchain could be a link for” companies or people who don’t trust each other yet “but want to”increase trust and interact.”

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