Ethereum [ETH]: Everything about ETH needs to improve, claims Consensys’ Joseph Lubin


Ethereum [ETH], the second largest cryptocurrency in the market, had a tumultuous couple of months, with many in the space speculating it to be ‘dead.’ However, the coin has since rallied owing to several developments and pushes from its proponents. The latest Ethereum luminary to speak about the cryptocurrency was Joseph Lubin, Founder of Consensys.

Speaking to Tom Shaughnessy of Delphi Digital, Lubin spoke about the struggles that Ethereum went through and its repercussions on the entire network. Lubin stated that Ethereum slowly, but surely changed over time and that the changes are definitely natural, claiming that “Ethereum was always intended to evolve.” He added,

“Ethereum was always supposed to evolve just like Bitcoin was supposed to evolve. Some say that BTC should move slower on the development scale, maybe even glacier-like. The reason is that if you are building a decentralized system for the planet, we do not want rape movement to disrupt the upgrades.”

The CEO stated that he and his team always wanted to build a platform for Decentralized Applications, but was also aware that they had to become more capable as the tech evolved. Lubin admitted that with Ethereum, the team achieved what many thought would be impossible: building a proof concept and an “incredibly sophisticated ecosystem.”

In his words,

“When we built Ethereum we were aware that it wouldn’t be scalable but we also knew that it would support certain kinds of use cases. The goal was to build a decentralized platform and a better decentralized trust system.”

According to Lubin, Ethereum 1.0 was always intended to be the starting point for future upgrades, while at the same time enabling use cases and a “better kind of money.” He was also frank in admitting that the team shied away from positioning itself as a money system and that growing pains in the ecosystem were essential to growth. He stated,

“We never wanted to move too quickly with developments and it will happen slowly. Everything about Ethereum needs to improve.”

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