Consensys CEO and Ethereum co-founder Joseph Lubin said in a fireside chat at ETHDenver that the world is on the cusp of a generational shift driven by decentralization as the current world monetary system is failing.
Lubin believes this shift will lead to a “supercycle” in the crypto industry as the monetary system evolves and wealth is transferred to younger generations. Lubin believes that we are at the end of the fourth and final stage of this cycle, and that current centralized systems have reached their limits and cannot meet the needs of the emerging generation.
He contrasted the current top-down, controlled financial system with the potential for decentralized trust offered by blockchain technology. Lubin said Satoshi Nakamoto created Bitcoin as a reaction to the limitations of traditional finance, opening the door to a shift from centralized intermediaries to an open, transparent system where anyone can participate and verify transactions. (CryptoSlate)