The co-founder of Ethereum is in the latest headlines on our DC Forecasts crypto news site, for a new statement in which he called cryptocurrencies the new form of money. Joseph Lubin, who is also a founder of ConsenSys and a co-creator of Ethereum, recently expressed his thoughts on the “equal waves of fascination and skepticism” mainly pointed towards cryptocurrencies.
As Quartz reported on September 25th, Lubin referenced a number of metaphors and antidotes to assert the society that cryptocurrency is basically a new concept of money. As he stated:
“Cryptocurrency is in many ways a natural evolution of prior representational systems, though one that favors truth over state-sanctioned power.”
Lubin also noted that much of Europe demurred on representative money until the 1600s and that it took time for digital cash transfers and wires to gain acceptance. He labeled cryptocurrencies as the “21st-century version of the flimsy paper money” and pointed out that the decentralized spirit and open character that they have stands in contrast to the “government-run property systems” and vehicles that follow it.
Lubin also spoke about the power of blockchain, giving displaced people or refugees an ability to maintain an identity as a form of technology that lets them store and present documents in other countries for practices related to economic livelihood.
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