ConsenSys founder and Ethereum co-creator Joseph Lubin recently expressed his thoughts on the “equal waves of fascination and skepticism” concerning cryptocurrency, in a Quartz op-ed published on Sept. 25.
Lubin referenced a number of historical antidotes to assert that society has always been a bit skeptical towards those who come up with new concepts of money but argued that:
“Cryptocurrency is in many ways a natural evolution of prior representational systems, though one that favors truth over state-sanctioned power.”
A New Representation System For The Future
In the piece, Lubin noted that much of Europe demurred on representative money until the 1600s and that it also took time for digital cash transfers and wires to gain acceptance.
He characterized digital currencies as just the “21st century’s version of that flimsy paper money” and also pointed out that the decentralized and open character behind them stand in contrast to the “government-run property systems (and the financial vehicles that followed it).”
Lubin wrote that the use of cryptocurrencies could eventually lead to better distributions of wealth thanks to the power of decentralized networks.
He also touched on the power of virtual currency and blockchain to give displaced persons or refugees an ability to maintain an identity, since they could use the technology to store and present documents in other countries for practices relating to economic livelihood, like securing a loan.
According to Lubin, networked open platforms will eventually serve as the foundation for “collective common-good relationships,” overall replacing an adversarial system comprised of corporations and customers.