ConsenSys Founder Joseph Lubin: Ethereum Has ‘The Best Technology, by a Lot’

Siamak Masnavi

In a recent interview (published on Monday, May 6), Joseph Lubin, co-founder of Ethereum (ETH) and founder of ConsenSys, gave his thoughts on how Ethereum and its ecosystem has changed over time.

Lubin's interview was with Tom Shaughnessy (@Shaughnessy119 on Twitter), co-founder of independent crypto-focused research boutique Delphi Digital and host of the "Chain Reaction podcast". 

Here are some of the main highlights from this interview:

  • "From the start, we intended to do something different from Bitcoin. Using the same technological principles, we intended to build a platform for decentralized applications, and as an application framework, of course, you need to keep getting more capable and evolve as technology evolves."
  • "... Ethereum 1.0 was always intended to be the starting point... It's enabled essentially a better kind of money, although we shied away from trying to position it as a money system... It's enabled experiments in lots of different spaces: in the energy industry, in the supply chain, in banking, insurance, healthcare... It's enabled token launches... It's enabled this DeFi revolution."
  • "Growing pains are essential and wonderful... If we didn't grow to the point where there pains, then I think it could be argued that we are moving too slowly as an ecosystem... Everything about Ethereum needs to improve, and there are lots of people that are working to improve virtually everything about Ethereum."
  • "Some projects are focusing on marketing to be competitive with Ethereum. So, TRON and EOS in that basket, and both of them have kind of taken the approach of 'raise a bunch of money, and fake it till you make it', and we'll see how that goes."
  • "Ethereum has, in my opinion, the best technology, by a lot, the best technologists and so many more of them, and orders of magnitude bigger ecosystem, and I feel that the project is moving faster... It won't be hard for Etheruem to maintain an ecosystem lead, and at minimum, stay up to speed technologically."
  • "Polkadot, Tezos, Cosmos, DFINITY will all probably release something interesting within a year, and it looks like phase 0 of Serenity -- Ethereum 2.0 -- will probably come online towards the end of this year. There are eight teams currently that are building out clients. Several of them have their own testnets already, and some of the teams are pairing off to get in sync with one another very soon."
  • "It's certainly looking like Casper proof-of-stake will not only be the most secure system out there, but it'll enable the greatest decentralization... That system will enable us to bring the security of the full validator pool to everyone of the 1024 shards on Ethereum 2.0."
  • "We [ConsenSys] are doing a ton of work in FinTech and DeFi. We're looking at building a game component suite. We are doing a lot of work in supply chain..."
  • "We've been working reasonably closely, on and off, with Microsoft for a few years. We were the first group that announced blockchain-as-a-service on Azure. Microsoft has run with that over time... Our Kaleido group... started on AWS; they are now on Azure... They're going to be announcing a whole lotta stuff at the Consensus event in Europe... So, we're doing deep infrastructure work for enterprise for public chain, and Infura can handle up to 10 billion queries per day from the public ecosystem... We're also doing work toward what we believe will be the future of IT infrastructure... We have a project called Web 3 Cloud, where we are building out hardware and software infrastructure for that kind of world. We are in a partnership with AMD, and so one could imagine building much more efficient computing devices for virtual machines of the future."

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