Joe Lubin, who is the co-founder of Ethereum, recently stated that Internet is ready for the next revolution. The blockchain technology will revolutionize the Internet. According to him, the internet is currently not in its most efficient form. As a result, with the help of blockchain technology, the efficiency of the Internet will go to the next level.
According to him, the blockchain technology can easily introduce a native currency to the Internet or can easily help in the execution of smart contracts between the individuals. As a result, the functionality of Internet will increase significantly.
Also, he believes that with the help of public blockchain, proper free-market can be created. With the help of this free-market, the entry barriers can be lowered. As a result, it will become easier for users globally to participate in the e-commerce transactions on the Internet. This will also expand the web as well as the architecture of the web.
According to him, blockchain technology holds the disruptive power. It is powerful enough to not only change the Internet but also the social as well as the political system worldwide. Moreover, it will have a profound impact on the economic system worldwide as well. Also, as the blockchain technology develops more and more, the amount of money which investors will put into this technology will also increase. As a result, the development will also increase.
With increased innovation, various solutions will be dependent on the blockchain technology. In his presentation, he stated that the SEC in the United States was going by it in the correct way. It is important to monitor the ICO’s in order to protect the investors. Only when fraudulent projects are completely eliminated, investors will come forth and invest in a significant amount in the ICOs. Till then, it is right on the part of SEC to completely control the ICO market. If indeed, the fraudulent ICOs are completely eliminated, the trust in the cryptocurrency market will increase significantly.
He was also quick to add that currently united states, as well as Europe, are at the forefront of accommodating this new technology. They are also positive about the development of this technology. As a result, the environment is pretty positive for the blockchain-based start-ups in united states as well as in Europe. It remains to be seen in the future, which are the applications in which blockchain technology is integrated further. For now, however, one thing which is for sure is that the blockchain technology is indeed expanding at a rapid pace.