Blockchain Pioneer Joseph Lubin Dives into ETH Price, Gaming and ICOs
If you ask Joseph Lubin, the co-founder of Ethereum and founder of ConsenSys, about the ETH price, he will generally point out the robust nature of these platforms and the decentralized apps that are being built upon them. But with the ETH price trading persistently below $300, most recently falling nearly 9% to $275, Lubin engaged in the topic of price more than usual today during an interview with TDAmeritrade Network from the Nasdaq in Times Square.
Lubin tweeted that the discussion touched on “everything from how ConsenSys operates to Ethereum Layer 2 scaling solutions.” Indeed, it did, and no topic was seemingly off limits, even CryptoKitties. But what was most surprising was that when pressed, Lubin went a little further on the ETH price than he normally does. But only after revealing that price isn’t at the forefront at ConsenSys and he believes the price will recover.
“We have seen many gyrations since 2009,” Lubin said, pointing to “correlations of price spikes followed by attention spikes basically where we see more technologists, more entrepreneurs, more projects spinning up,” he said.
In fact, there amount of activity in the Ethereum space today outpaces that of October-November 2017, which is right about when the market was gearing up for its peak and which suggests there could be a bull run of epic proportions ahead. But what of the disconnect between this enormous amount of activity on the blockchain and the plunge in the ETH price? Everyone has their limits, even Lubin.
“I think it matters to our company, absolutely. If [ETH] goes to $1 that would be a sign that is something is wrong with the Ethereum ecosystem,” Lubin said, adding that with that type of performance, he would, of course, place more attention on price.
Gaming & ICOs
If you’re wondering what will “drive the next wave of activity” on the blockchain, it will be applications like gaming, which Lubin described as a “low-stress space that’s going to be explored very well early” and which he expects could enhance the value of the ETH price.
He explained: “We’re about to enter into a phase where before the end of this year we’re going to see a bunch of games and a bunch of other platforms build out their own infrastructure that gets linked into Ethereum so sort of side-chains where they will have scalability on their sidechains and they’ll get the security from the layer one radically decentralized Ethereum network.”
Clearly, Lubin has lots to keep him busy without dwelling too much on the ETH price, as evidenced by the mission of ConsenSys, which involves “building out the decentralized world wide web,” he noted. At ConsenSys, one of the revenue drivers at ConsenSys is token launching, where they are experiencing frenetic activity. But with the talk of ICO tokens comes the topic of altcoin prices, which incidentally have been at the center of the downturn.
“We’re not so worried about pullbacks like that,” said Lubin, despite some tokens losing up to 90% of their value. “We continue to issue tokens. We’ve been doing a very good job of issuing securities-law-compliant tokens right from the start.”
ConsenSys recently facilitated the FOAM token launch, which is a “spatial protocol for proof of location.” Civil, which is a “decentralized marketplace for sustainable journalism,” is next on the docket.
The thing to remember is that it remains early innings for decentralized apps, and if you’re waiting for that value to translate to the ETH price, Lubin suggests “look at top 100 tokens on the planet, something like 94 of them are ether or were built on Ethereum.”
Featured image courtesy of Shutterstock.