Joseph Lubin – co-founder of Ethereum and CEO of ConsenSys during PBW 2023 – © RoyalsBlue.com
The system is broken and it is indispensable d’adopt a new paradigmdefends the co-founder d’Ethereum and CEO from ConsenSys. The solution: the decentralizationthe only one able to guarantee finally of the powers at users.
The crypto asset market may have been shaken, the devotion to Joseph Lubinthe boss of ConsenSys and one of the creators ofEthereumremains untouched. The reception received during its keynote at the PBW 2023 Wednesday in Paris testifies to this.
To his followers, and to the others, the agnostics, Lubin delivered, with his eyes riveted to his computer screen, a speech of about twenty minutes with sometimes mystical, even religious accents. Gods, users of the Web3Builders and superheroes.
René Descartes, rather DeFi or CeFi ?
Joseph Lubin has above all praised a new paradigm, necessarily decentralized, and called for the death of the old one. In truth, the latter has already given up the ghost. And the co-founder of Ethereum summoned Descartes, who would have everything today of a “protocol engineer”, to support his speech.
The philosopher invited individuals to search for truth by themselves rather than relying on tradition or authorities. The same path towards a shared truth is now possible thanks to decentralized networks.
And this course is all the more necessary today as our environment is going through deep difficulties and facing challenges: “climate crisis, economic inequalities, geopolitical tensions, and almost total loss of confidence in our institutions,” the ConsenSys CEO quotes.
In response, he proposes to free creativity and innovation. And this will involve giving power back to ” builders “, more than developers, researchers or entrepreneurs in the crypto industry.
“I build therefore I am,” Lubin spews, referring to Descartes’ famous ‘I think therefore I am’.
All builders, then, says the leader. “The world is broken,” he continues. The current system is unsustainable. global financial system is collapsing “. The prophet of the apocalypse asserts that public deficits and debts are growing.
Satoshi Nakamoto father of Bitcoin and decentralized trust
“Do we want a government that pays its debts to keep borrowing or do we prefer a currency that retains its value?” he asks. Builders or more chance to fix it?
So another way is possible, Lubin argues. It began to emerge in 2009 with the appearance of the blockchain and Bitcoin.
Satoshi invented a fundamentally new form of trust. A decentralized trust,” argues Joseph Lubin.
This model makes possible a new form of finance. Moreover, he believes, it gives users and communities more power. Decentralization breaks with the existing foundations and top-down decisions.
The challenge is not only on the side of the institutions, but also on the side of the companies, especially those of the Web. The dominant business model has consisted of an adversarial relationship with consumers, i.e. “extracting as much value as possible, while giving as little as possible in return”.
The Web3 introduces a paradigm shift, the CEO argues, notably by eliminating intermediaries. However, the mistakes of CeFi in 2022 could feed the discourse of crypto detractors.
Web3 infrastructures are ready for killer apps
The condemnations of crypto actually highlight how important decentralization and self-custody are,” retorts Joseph Lubin.
So, despite the scandals, crypto technologies remain robust.
The “tectonic shift” that has begun “is inevitable and necessary because the end of the old regime is near”. And while this transition phase will result in difficulties, “the alternatives are worse. The infrastructures are already ready to build this new system, he justifies.
The components and infrastructure needed for Web3 are now ready to support killer apps,” Lubin announced.
This transformation will affect all sectors, including social networks, giving users “full control of their profiles and social graph.”
If the future is now overshadowed by crises, political and climatic, the co-founder of Ethereum wants to believe in a technological future where all users “are superheroes and gods”.
Joseph Lubin closes his computer on (metaphorical?) promises of divinity and superpowers before leaving the stage of the Blockchain Summit’s main conference room. Amen.
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