Ethereum co-founder Joseph Lubin: Cryptocurrency, blockchain are seeing an ‘astonishing’ rise

Joseph Lubin, the co-founder of Ethereum and the man behind ConsenSys, a blockchain technology solutions company and an incubator for Ethereum-centric start-ups, has hailed the “astonishing” rise of blockchain and cryptocurrency communities.
In a recent video posted by ConsenSys, Lubin referred to blockchain as the technology that pegged trust over everything else. He branded the technology as the “new trust infrastructure”. Lubin added:
“Instead of relying on intermediaries to provide trust, in different situations, in different industries, content creators or service providers or resource providers can directly access and interact with their consumers.”
Prior to the symbiosis of cryptocurrency and blockchain technology, the financial industry looked at blockchain as a medium for “disintermediation”, said Lubin. He added that the financial world was also aware that distributed ledger technology [DLT] would lead to a degree of asset tokenization and creation of digital assets like cryptocurrencies, crypto-equities, crypto-bonds, and asset-backed tokens.
He added that banks were looking at blockchain internally to build shared data repositories. This initial interest enticed them to get into crypto-assets and veer towards dedicating a trading desk for them, as hinted by Goldman Sachs and Barclays.
Content creators, especially in the journalism and music industry, who are in direct contact with their consumers will benefit through the DLT system. Bypassing the intermediaries and direct uploading of content is being implemented by Uju Music platform, which has over 1,000 artists in their creator’s portal and their own unique usage policies for their specific content.
Lubin stated that big record companies that take ’70 percent’ of the entire industry’s value could be replaced with “smart contracts on the Ethereum platform”. The protocol will allow intermediaries like promoters, curators, and writers to participate in the process. However, they cannot rise to a level of authority and deplete value from the content creators.
Another industry that could be propelled with blockchain is journalism. The Ethereum co-founder stated that the current news system is clickbaity and riddled with intermediaries that are dissolving factual content. He stated:
“It’s not about telling the truth, it’s not about subtle narrative. It’s unethical.”
ConsenSys invested $5 million in a decentralized newsmaking platform, Civil, to ferment a direct relationship between journalists and readers. This decentralization in the journalism industry would allow ethics and facts to be brought to the fore, and media houses that operate outside these norms can be booted from the platform.
Blockchain is at the core of the cryptocurrency industry, but Lubin sees it as the catalyst to bettering several industries, not just finance and technology. More importantly, the Ethereum co-founder looks at the financial world’s recent embrace of blockchain as a stepping stone to the decentralized currency realm.
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Source: AMB Crypto

Is It #BUIDL That Will Decide Next Amazon of Cryptoworld or Most Cryptocurrencies will die?

While all investors are hunting for the coin or token that will multiply their wealth manifold, CZ has come forward asking investors to look into their portfolios and identify the coin whose teams are actually working and progressing on their respective roadmaps.
Not everyone will survive this crypto craze say crypto experts
Discussing which coins and projects would sustain, CZ spelled out Twitter that when the market turns back to its bullish days and move towards its all times highs again, a lot of coins that were created and raised money through ICO’s will reach zero and die. According to CZ its, only the teams that are working and #Buidling will ultimately prove winners and these are the coins that will make money for investors. CZ also asks investors to review their holding and eliminate the coins and tokens whose teams are not progressing with their works.

When markets do go back up that doesn't mean all projects will.
A lot of coins with no development will die.Review your holdings. Make sure teams are WORKING👀 https://t.co/sikvGBNzY9
— CZ Binance (@cz_binance) February 10, 2019

CZ’s tweet is a clear indication that projects that put in the effort will ultimately survive to bring the dawn of decentralization and cryptocurrency to this world. And it’s not just CZ a lot of research and personalities in the crypto world have said the same.
In July, last year, a research conducted by Boston College academics reveals that most crypto startups that have raised money via initial coin offerings (ICO) and crowdfunding have a pretty short lifespan and most projects do not survive even 120 days which is 4months from their launch. The research was conducted by authors – Hugo Benedetti, assistant professor at the Carroll School of Management and finance Ph.D. student Leonard Kostovetsky.
The authors based their analysis by studying the official Twitter accounts maintained by these projects and their founders. According to the report, the authors estimated that the survival rate of the startups, 120 days after the end of the sale, was only 44.2%. The assumption is that companies that are inactive on social media in the fifth month most probably did not survive. The report covered almost 2,400 ICOs and examined over 1,000 Twitter accounts.
A similar sentiment was put forward by Goldman Sachs early last year, its Head of Global Investment Research and Chair of the Global Markets Institute, Steve Strongin mentioned that Most digital currencies are unlikely to survive in their current form, and investors should prepare for them to lose all their value. According to him, many virtual currencies lack long-term staying power because of slow transaction times, security challenges and high maintenance costs.
“Are any of today’s cryptocurrencies going to be an Amazon or a Google, or will they end up like many of the now-defunct search engines? Just because we are in a speculative bubble does not mean current prices can’t increase for a handful of survivors. At the same time, it probably does mean that most, if not all, will never see their recent peaks again,”
A lot other crypto influencers have also said that its real progress on roadmaps will help most altcoins to survive. Yoni Assia, the CEO of eToro, a social trading platform that supports a range of cryptocurrencies had mentioned to Business Insider that
“Ninety-five percent (ICO-Coins ) is going to end as nothing because that’s startup funding,”
Joseph Lubin, the co-founder of cryptocurrency Ethereum, has often compared the crypto boom to the dot-com bubble of the late 1990s that ended in a spectacular bust in the early 2000s. Speaking at a press conference at MoneyConf in Dublin, Lubin had mentioned
“If you look at the dotcom boom and bust, there were so many of the same issues back then. So much money invested, lots of money lost, lots of failing projects.”
Dominik Schiener, another influential name in cryptos and the creator of IOTA was also heard saying he expects less than 10 of the more than 1,400 crypto projects that have sprung up over the last two years to survive
While everyone who understand cryptos, be it influencers, researchers or even Wall Street investment banks believe that it’s the fundamentals and real development that counts.
For all, it’s the same mantra- those projects that do survive will transform the world and make huge amounts of money for those who back them.
Which Coins and Tokens do you believe will make money for its investors in long run? Do let us know your views on the same
The post Is It #BUIDL That Will Decide Next Amazon of Cryptoworld or Most Cryptocurrencies will die? appeared first on Coingape.
Source: CoinGape

Ethereum [ETH]’s Joseph Lubin opens up about ConsenSys lay-offs

Joseph Lubin, the Founder of ConsenSys, a blockchain software development company, and the co-founder of Ethereum, spoke about one of the controversial topics surrounding the company, during an interview with CNNMoney Switzerland. The topic under discussion was ConsenSys lay-offs, which drew the attention of the entire space including the likes of Vitalik Buterin and Justin Sun.
The news regarding ConsenSys lay-offs first broke out towards the end of 2018, wherein the blockchain company announced that they have dismissed over 13% of its members, stating that they were streamlining several departments in the firm.
This was later followed by a report from the Verge claiming that the company would be laying off 50% to 60% of its employees, which summed up to around 1200, resulting in the majority of the members in the community discussing the future of the firm.
Lubin soon spoke about the matter in hand on his official Twitter handle, wherein he said that the company was healthy and that they were working on rebalancing their priorities and activities, which started about nine months ago.
“We are creating transitions for some projects that we believe don’t fit as well into the ConsenSys 2.0 vision as they did in ConsenSys 1.0, and we are working on ways to continue to support these projects going forward as we sketch plans for a ConsenSys alumni network.”
Joseph Lubin, during the recent interview, said:
“Well we’ve been around for around four years and our main mission during that period was to build out the infrastructure for Ethereum, to take that infrastructure and apply it to corporate situations consortium situations and to foster adoption to educate and we I believe that we were reasonably successful doing that”
This was followed by the Founder stating that the company recently “realized” that this is a competitive ecosystem and that there is a need to “tool” the company to compete in this ecosystem. He said:
“so there were some job functions that we didn’t need going forward and there are other job functions that we do need going forward so even the press may have focused on a kernel of of news. we’ve also hired a hundred people in in the last two months”
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Source: AMB Crypto

Ripple’s CEO Brad Garlinghouse Hints at Their Readiness to Disrupt Gaming

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Ripple’s CEO Brad Garlinghouse Hints at Their Readiness to Disrupt Gaming

Being known as a company developing payment solutions, Ripple may soon enter the gaming industry, as its CEO mentioned games build on the XRP Ledger.

Ripple’s CEO Brad Garlinghouse Hints at Their Readiness to Disrupt Gaming

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Ripple CEO to Ethereum [ETH]’s Joseph Lubin: “Ripple is trying to lead by example”

Brad Garlinghouse, Brian Behlendorf, and Joseph Lubin spoke at a panel, Ethereal Davos and had a healthy debate about what decentralization means on January 23, 2019.
Brad Garlinghouse addressed the issue revolving XRP and it being “centralized” and said that XRP Ledger is more decentralized than its mining-based counterparts. He said:
“It’s [Ripple] not a Proof-of-Stake model, so owning a lot of something doesn’t give you control over something. The XRP Ledger is an open source decentralized technology, there’s about a 100 validators that manage the network. Ripple manages less than 5% of those nodes, and we cannot enforce upon the XRPL  anything that the XRPL doesn’t want to.”
He continued that there are holy wars, financial interests, and a lot of FUD around Ripple or the XRP Ledger. In addition, he said that people talk about XRP being centralized because they want to paint it that way.
Joseph Lubin stepped in at this point and decided to have a healthy debate with Garlinghouse. He asked Garlinghouse:
“XRP is a value token and it trades in an open market. If the CFTC  noticed that you own 60% of the silver token, how comfortable would they be?”
Garlinghouse replied:
“I won’t speak for the CFTC. We have in escrow 55% of all the XRP that we own. We can’t sell it, we can’t do anything with it… I think the, for the whole industry to mature we need to have transparency in the industry and Ripple is trying to lead by example.”
Lubin had a comeback to Garlinghouse’s “transparency” reply by saying that the other digital assets [like Ethereum] are decentralized in terms of the ownership of the token.
Garlinghouse said:
“Ownership of the token is decentralized in so far as they work on Proof-of-Stake… If its a mining based protocol then centralization is based on mining control and not on the ownership.”
@XRP_Ninja, a Twitter user commented:
“I never understood what was so wrong about Ripple selling their XRP.
They own it. They can do with it what they like – not to mention that the selling of it actually has a purpose.”
Tiffany Hayden commented:
“Ripple is the only transparent company in the BLOCKCHAIN space and they are punished for it. We should follow Brad’s lead and turn the table on these other companies who hide in opacity.
Oh! Let’s start a rating system!”
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Source: AMB Crypto

ConsenSys is Partnering With Harvard: a Big Milestone For Ethereum in the US?

Blockchain tech firm and startup incubator ConsenSys will be collaborating with the likes of Harvard University, self-proclaimed “think tank” New America, and iconic denim brand Levi Strauss & Co. on a new initiative to bring Ethereum-based blockchain technology into the workplace in an effort to improve the overall health and safety of workers.
The news could also potentially further legitimize Ethereum in the United States by being at the center of the collaboration.
Harvard’s Workforce Well-Being Program Partners With Levi’s and ConsenSys
ConsenSys, an Ethereum-focused blockchain firm that’s struggled during the current bear market, is partnering with San Francisco-based American clothing brand Levi Strauss & Co., New America, and the Harvard T.H. Chan School of Public Health on an initiative that uses blockchain to provide additional transparency into the health and work conditions of the employees working for Levi Strauss.
The project, funded by a grant from the U.S. State Department, will host a survey on the Ethereum blockchain that will help executives evaluate the work environment at factories operated by the clothing brand. Workers will be required to self-report annually, providing valuable insight to Levi Strauss. The survey will be rolled out to three of Levi’s factories in Mexico and serve some 5,000 employees, according to Reuters.
Related Reading | ConsenSys and Amazon to Launch Ethereum Marketplace for Enterprise Blockchain
The survey itself was developed by Harvard’s public health school that focuses on “sustainability and health” for the benefit of both businesses and their employees, while the blockchain tech will be provided by the Joseph Lubin-led ConsenSys.

The collaboration was first revealed by Lubin in a tweet, explaining that the goal of the project is to “replace outside auditors” at factories, helping save money, increase transparency, and to gain invaluable insight into the work conditions of factory workers. The inclusion of blockchain technology and Ethereum’s immutable ledger ensures the results of the survey cannot be tampered with.
Ethereum Gets a Vote of Confidence By Harvard and Major US Corp
Ethereum has taken a beating during the current bear market, falling as much as 94% from its all-time high of nearly $1,400 before rebounding to current prices. It’s caused many to question the long-term validity of Ethereum as a platform for smart contracts, however, Ethereum has merely been a victim of the fallout from the initial coin offering boom.
Using the ERC-20 standard, companies began launching new tokens on Ethereum’s blockchain via initial coin offerings en masse, accepting Ethereum in exchange for the new token. However, when the market turned ICO treasuries began liquidating their holdings in order to fund future operations alongside scorn investors panic selling, causing a snowball effect in Ethereum’s price decline.
Related Reading | Research Reveals Interesting Results On ICO Related Ethereum Price Swings
However, this new partnership with one of the world’s most prestigious universities, a major U.S. clothing brand known for its iconic jeans, and having received funding from the U.S. State Department shows that Ethereum’s base technology is just as legitimate as ever.
The vote of confidence and major milestone for the number three cryptocurrency by market cap should spark new interest in Ethereum, both as an asset to invest in, as well as a technology with untapped potential and well-deserved merit.
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Ethereum [ETH]’s Joseph Lubin calls cryptobottom for 2018 and provides insight on ConsenSys lay-off

This whole cryptocurrency space was buzzing this week as the price of all the coins made a major comeback, with many breaking their recently set resistance grounds. Apart from the price, the other story that grasped the attention of the entire market was ConsenSys lay-off.
Earlier this week, Verge reported that ConsenSys, a blockchain software development company that focuses on the development of Ethereum, would be laying off around 50%-60% out of the 1200 employees. This news came in the light days after ConsenSys announced a reduction of over 13% of mesh members, adding that they are “streamlining” many departments in the company, including ConsenSys Solutions, Spokes and Hubs services.
Nonetheless, Joseph Lubin, the Founder of ConsenSys and the co-founder of Ethereum, spoke about the news in a series of Tweets. Prior to this, the co-founder of Ethereum spoke about the current price trend of the cryptocurrency market, and called the bottom for the year 2018. He stated:
“I am calling the cryptobottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates.”
This was followed by Lubin stating that he has witnessed a “rather typical tune: the alarmed, the eulogistic, and the gleeful”, among the “chattering class the past few weeks in response to @ConsenSys 2.0”.
Lubin said:
“ConsenSys remains healthy and is engaging in a rebalancing of priorities and activities which started about nine months ago. We are creating transitions for some projects that we believe don’t fit as well into the ConsenSys 2.0 vision as they did in ConsenSys 1.0, and we are working on ways to continue to support these projects going forward as we sketch plans for a ConsenSys alumni network.”
He went on to say that ConsenSys will not stop investing in external projects and that they will be hiring for their internal projects that are “core” to their “forward looking” business. Lubin added that the company has hired 15 individuals last week who have the job descriptions for they are currently hiring for.

“Some within ConsenSys whose roles have been eliminated recently are looking to fill other roles at ConsenSys. This is a rebalancing of our activities and workforce.”

Joseph Lubin’s statement on ConsenSys 2.0 | Source: Twitter
Vitalik Buterin, the co-founder of Ethereum said:
“Expand up to 1100 people, shrink to 600, keeping the 6/11ths that are most productive: OMG consensys is dead! Expand up to 600 with no shrinking, announce every step of the expansion: wow, the company is prospering! Lulz.”
Vitalik Buterin’s clarification on his previous statement | Source: Twitter
Riccardo Spagni, lead developer of Monero said:
“Expand up to 1100 people, shrink to 600, keeping the 6/11ths that are most productive: they have no idea how to manage capital, capacity plan, or hire. Expand up to 600 with no shrinking, announce every step of the expansion: wow, clearly competent & experienced leadership.”
To this, Buterin said:
“Oh I agree it was a bad to hire 500 people they couldn’t keep. That said, if that’s your angle, then the overlooked news here is that they’re getting *more* competent”
The post Ethereum [ETH]’s Joseph Lubin calls cryptobottom for 2018 and provides insight on ConsenSys lay-off appeared first on AMBCrypto.
Source: AMB Crypto

Consensys CEO: The Future of Crypto is Very Bright, 2019 Will be a Watershed

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Consensys CEO: The Future of Crypto is Very Bright, 2019 Will be a Watershed

The past month hasn’t been good for Ethereum and it’s co-founders’ company Consensys. With Ethereum going below $90 support line, and mainstream media attacking Consensys on all fronts, Consensyss’ image has already been tarnished.

Consensys CEO: The Future of Crypto is Very Bright, 2019 Will be a Watershed

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Source: CoinSpeaker

Half of Concensys’ Workforce May Soon Leave the Company

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Half of Concensys’ Workforce May Soon Leave the Company

ConsenSys announces plans to shed off at least 50% of their workforce. The bear markets are to blame for this move as the company aims to refocus their operational and management strategies.

Half of Concensys’ Workforce May Soon Leave the Company

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Source: CoinSpeaker

Bitcoin’s Biggest Congress Enthusiast Introduces a Pro-ICO and Crypto Legislation

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Bitcoin’s Biggest Congress Enthusiast Introduces a Pro-ICO and Crypto Legislation

Warren Davidson, the biggest bitcoin enthusiast in Congress is set to introduce a new pro-ICO and crypto legislation. He believes that cryptocurrencies can thrive in a Federal-regulated environment.

Bitcoin’s Biggest Congress Enthusiast Introduces a Pro-ICO and Crypto Legislation

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Source: CoinSpeaker

Ethereum Price & Technical Analysis: ETH Still Being Weak

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Ethereum Price & Technical Analysis: ETH Still Being Weak

Ethereum is trying to recover after a selloff on Thu, Dec 6, trading at around $104.02, reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Ethereum Price & Technical Analysis: ETH Still Being Weak

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ConsenSys CEO is Planning Company Restructure Following Bear Market

The continued bear market is taking its toll on cryptocurrency investors, miners, and businesses alike, and has prompted ConsenSys to consider restructuring its business plans so it can adapt to the new market environment and continue to thrive.
ConsenSys CEO Joseph Lubin Alerts Staff to Major Restructure
In response to the ongoing “crypto winter” that has seen cryptocurrencies like Bitcoin and Ethereum plummet as much as 90% from their all-time high prices, and in recent weeks nosedive an additional 50% as the market participants capitulate, blockchain technology solutions provider ConsenSys will be altering their business strategy to ensure its long-term survival.
In a note to ConsenSys employees from founder Joseph Lubin, who also helped co-found Ethereum alongside Vitalik Buterin and Gavin Wood, told his staff the company will be reorganizing, and entering a new phase of the company’s strategy called ConsenSys 2.0, reports Forbes.
Related Reading: Bear Market Strikes Again: Ethereum Classic Dev Shuts Down
Lubin explained that the company now finds itself “occupying a very competitive universe,” and “must retain, and in some cases regain, the lean and gritty startup mindset that made us who we are.”
“We must recognize that what got us here will probably not get us there, wherever ‘there’ is,” Lubin added.
ConsenSys 2.0 Explained
While employees first learned of the changes this past Friday in a company-wide letter, the new strategy is already being rolled out.
ConsenSys 2.0 will see the company drop underperforming projects and the firm’s investment branch will now function more similarly to a traditional startup accelerator that involves strict deadlines and tougher standards.
The ConsenSys CEO told Breaker Mag that the company will become “a lot more rigorous in terms of milestones and timetables,” and will sacrifice projects with less long-term potential “if we’ve come to the conclusion that our earlier assumptions were incorrect.”
ConsenSys 2.0 will center around five “pillars,” including further developing the Ethereum ecosystem, funding startups through its venture arm, offering businesses blockchain solutions, providing education about blockchain, and instilling a “culture of excellence and accountability.” The firm will hold itself more accountable in the future to ensure profitability during the difficult market climate.
Related Reading: Ethereum Price Analysis: ETH/USD Could Revisit $100
Despite the ongoing downtrend, cryptocurrencies like Ethereum have been suffering through for much of 2018, Lubin is undeterred in his beliefs that blockchain and Ethereum will ultimately become a success.
“In ConsenSys 1.0, we built a laboratory instrumented to prove the moon existed, using complex engineering and math and creative philosophical arguments,” Lubin elaborated. “Now we need a streamlined rocket ship to get us there, since the actual proof, ultimately, is in the landing,” he said.
To put the market troubles into perspective, Ethereum is currently trading at $102 at the time of this writing, down 92% from its all-time high of $1,417.38 back in January of this year. Lubin attributes this to “riskier assets around the world” correcting and Bitcoin’s price “affecting all the different tokens.”
Featured image from Shutterstock.
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Ethereum [ETH] co-founder Joseph Lubin: Blockchain is more than a market, it’s a movement

Joseph Lubin, the co-founder of Ethereum [ETH], recently took to Twitter to note how the Ethereum blockchain is slowly improving the financial and technological infrastructure of numerous developing countries. Lubin named Chile and Philippines as their prime adopters.
The performance of Ethereum has not been up to the mark this year, however, Lubin who is also the known founder of ConsenSys, a software production studio, is promoting it through its technology.
Source: Twitter
Chile’s National Energy Commission had also adopted Ethereum earlier this year. They stated that they picked Ethereum due to its ability to “augment levels of security, integrity, traceability, and confidence in the information available to the public”.
The nation had adapted Ethereum’s Proof-of-Work blockchain to track energy data.  The Ministry had expressed their appreciation for providing their data and for helping against hacking and manipulation, reported Newsbtc.
Likewise, Philipines’ Union Bank had also partnered with Lubin’s ConsenSys to develop Ethereum-based banking solutions for rural areas of the country. The decision was taken when a survey was done by the Bangko Sentral ng Pilipinas, the country’s national bank noted, that 77% of the Filipinos were unbanked.
According to the publication, the chairman of Union Bank, Justo Ortiz, said that Ethereum’s blockchain technology would help them “crack the hole of financial inclusivity”.
Lubin went all out on Twitter about the technological benefits through blockchains and people responsible for this. Lubin tweeted:

“I believe in #blockchain technology because of the people behind it. The developers, engineers, and technologists who #BUIDL The smart contract experts who audit and secure the code The designers who care deeply about user experience The marketers who tell the story of Web3″.

Along with praising the people behind the technology, Lubin highlighted the potential of crypto-assets like Ether to protect people from paying more money to pay for the same commodity, also known as hyperinflation. An example of this is Zimbabwe, which has abandoned its local currency after dealing with hyperinflation for years.

Apart from Ethereum, other crypto-asset like Bitcoin [BTC] and Dash [DASH] have rescued many hyperinflated economies. According to the publication, crypto-assets are ideal choices as they are decentralized and can be minted from anywhere to be exchanged or used as currency.

Lubin opined that the technology has numerous benefits, not only to individuals but to a nation as a whole. Lubin expressed this while saying:

“Blockchain is more than a market. It’s a movement. Blockchains are solving real-world problems. Governments get it.”

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Source: AMB Crypto

Ethereum Adoption in Developing Countries Rising Exponentially: Lubin

Ethereum has been one of the worst performing cryptocurrencies this year. But, as a technology, the project is going places.
Joseph Lubin, the co-founder of the Ethereum project, recently stated about how the Ethereum blockchain ecosystem is gradually improving the financial and technological infrastructures of many developing nations. The Canadian entrepreneur, also known for founding ConsenSys, a Brooklyn-based software-production studio, named Chile and Philippines as their prime adopters.
Chile, for instance, employs Ethereum’s proof-of-work blockchain to track energy data. Their National Energy Commission stated in April that the reason why they chose Ethereum was for its ability to “augment levels of security, integrity, traceability, and confidence in the information available to the public.” The Energy Ministry wing also appreciated Ethereum for protecting data from hacking and manipulation.
The Philippines, on the other hand, witnessed their banking giant Union Bank partnering with Lubin’s ConsenSys to develop Ethereum-based banking solutions for the country’s rural sector. The project saw its beginning at a time when 77% of the Filipinos remain unbanked, according to a survey conducted by the Bangko Sentral ng Pilipinas, Philippine’s central bank. Justo Ortiz, the chairman of UnionBank, said that Ethereum’s blockchain technology would help them “crack the hole of financial inclusivity.”

Developing nations are employing blockchain tech to leapfrog outdated financial systems.
-The Philippines is connecting rural banks via a crypto-cash payment system-Chile is using #Ethereum to track energy data-Cryptoassets are protecting millions against hyperinflation
— Joseph Lubin (@ethereumJoseph) December 1, 2018

In another event from the Philippines, the government decided to offer Manila residents rewards in Ethereum tokens Ether for cleaning up their polluted beaches.
Protection against Hyperinflation
Lubin also noted the potential of crypto-assets like Ether, in general, to protect people against hyperinflation. The term refers to extremely rapid price inflation – especially when the value of a fiat currency drops 50% every month against the US Dollar, a universal fiat reserve. The direct impact of hyperinflation is on the citizens of the countries who now have to pay more money to pay for the same commodity.
Zimbabwe, for instance, had abandoned their local currency after years of hyperinflation which at one point reached 500,000,000,000%.
Crypto-assets like Bitcoin, Ethereum and Dash, have jumped at the opportunities to aid these hyperinflated economies lately. These crypto-assets are ideal because 1) they are not controlled by any government or central bank, and 2) they can be minted at home and then be exchanged or used as currency in the mainstream.
Venezuela has become the prime example of an economy-gone-bad-and-tuned-to-cryptocurrencies-for-solace. Their hyperinflation began in November 2016, the highest in the world and the country’s history. Their hyperinflation status this year has reached 833,997% already, according to details available at Wikipedia.
The Venezuelans, meanwhile, switched to crypto solutions to indicate the abandoning of their national Bolivar altogether. Dash, for instance, launched itself at the country’s paralyzed economy and got adopted firsthand by its merchants and people. The crypto project has now launched a payment service in the region, finding customers even in global brands like Subway and Calvin Klein.
The blockchain technology is gradually becoming a go-to technology when it comes to solving financial and technological issues of economically-deprived nations.
“Blockchain is more than a market. It’s a movement,” wrote Lubin. “Blockchains are solving real-world problems. Governments get it.”
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Ethereum Co-Founder: Blockchain Will Create More Wealth and Radically Change the Society

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Ethereum Co-Founder: Blockchain Will Create More Wealth and Radically Change the Society

Ethereum co-founder and ConsenSys CEO Joe Lubin said that blockchain technology is able to change the mindset of the society.

Ethereum Co-Founder: Blockchain Will Create More Wealth and Radically Change the Society

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