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Ethereum co-founder and ConsenSys founder Joseph Lubin on the inevitability of Ethereum

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Manage episode 313562874 series 2882378
Content provided by Ledger & Cobie Enterprises, Brian Krogsgard, and Jordan Fish. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Ledger & Cobie Enterprises, Brian Krogsgard, and Jordan Fish or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

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Show Partner

This episode is presented by FTX. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/ftx

Show Notes

Introduction

⁃ Joe co-founded Ethereum and ConsenSys

⁃ Worked in robotics, machine vision, AI. Moved into the financial space and became depressed by that, the economy and geopolitics. Saw centralised systems as bankrupt politically and financially

⁃ Read the Bitcoin whitepaper in 2011. Met Vitalik in Toronto in 2014 and read the Ethereum whitepaper that night and it became clear it was the way to build a system better, faster and more expressive than on Bitcoin

⁃ Web3 vision resource: polynya.medium.com also /u/liberosist on Reddit

⁃ Vitalik did a great job of setting an intellectually honest tone of integrity along with the power of the ideas held them together vs differing opinions

Metamask

⁃ Metamask has a decentralised future ahead of it (Token confirmed?!)

⁃ Metamask is already an ecosystem and it will be more explicitly an ecosystem

NFTs

⁃ Astonishing to see how many people are affected by the NFT phenomenon. Major crossing of the chasm – use of the technology without a real understanding of the underlying

⁃ Cobie: It converted a lot more people but it’s also there is huge hostility to NFTs starting with the climate narrative

⁃ Joe: People with entrenched or vested interest trying to slow things down. Can’t worry too much about naysayers, try to stay patient and educate

⁃ Ethereum and others have a solution for the energetically expensive PoW. Bitcoin energy burning is almost a religion but with renewable energy they may be able to stay the course

Institutions and CBDCs

⁃ Multiyear agreements with financial institutions to enable Ethereum technology

⁃ NFT pipeline is also really big for projects right now

⁃ Regulation and liquidity along with matured technology the movement will be unstoppable

⁃ Nation state money is declining, looks like the end of a 80 year debt supercycle moving into a new era

⁃ Cobie: Governments have realised this, spinning up CBDCs per country. Not sure what they mean by it but they’ve accepted using these systems as the future

⁃ Joe: Depends on the country, China CBDC won’t be very decentralised. CBDCs will take a long time to figure out, don’t want to mess with systems billions rely on. ConsenSys have worked on multiple CBDC projects

⁃ Real time economy would shrink the duration between value creation events and be a growth driver for the economy

Multichain

⁃ Seen a multichain future for a long time

⁃ Security is dominated by BTC and ETH. More projects are focused on Execution

⁃ Alt L1s are more like competitors to Ethereum L2s

⁃ Solana are spending a huge about for security, fees are an order of magnitude less than what they’re paying. May look to ETH rollups in future for a solution

⁃ Ethereum has a massively unfair advantage with the size and speed of the development of the ecosystem

⁃ Cobie: How does Ethereum retain the ability to make changes while people become more reliant on it?

⁃ Joe: Not a new problem, Vitalik and others have spoken about simplifying the lower layers. Need to continue to improve the chain and sharding. Can see Palm as an ETH L2, Gnosis as a L2 and L3

Memes & New Economy

⁃ Everything is a meme now

⁃ Budweiser tweeting gm and wagmi

⁃ Moving from a previous economy which is very physical to an economy that is essentially all about creativity and living in virtual worlds

⁃ Things are going to get wacky and interesting in a creativity economy

MEV

⁃ Didn’t specifically think of MEV back in the day but recognised fee mechanisms would have sophistication come to it

⁃ Wallet Extractable Value is also being paid attention to

⁃ Continually evolving set of systems designed to make communities, users and organisations happy with given choices. End up paying the users of the system out of the MEV

Identity

⁃ Wallet is your digital authority

⁃ MetaMask moving towards enabling increasingly granular security

⁃ Able to have multiple personas and bring them together e.g. personas may need to be brought together for a better loan

⁃ Identity has been worked on from the start by ConsenSys and others from the start

⁃ As DAOs become increasingly politically important there will be a forum in which identity starts to ramify significantly

⁃ Thought DIDs would have been adopted quickly but it’s a deep set of problems

Final Alpha

⁃ Be kind to the people around you, take care of them

Notes by Kevin and Luke

Music by GiovanniPickle

  continue reading

78 episodes

Artwork
iconShare
 
Manage episode 313562874 series 2882378
Content provided by Ledger & Cobie Enterprises, Brian Krogsgard, and Jordan Fish. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Ledger & Cobie Enterprises, Brian Krogsgard, and Jordan Fish or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Links

Show Partner

This episode is presented by FTX. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/ftx

Show Notes

Introduction

⁃ Joe co-founded Ethereum and ConsenSys

⁃ Worked in robotics, machine vision, AI. Moved into the financial space and became depressed by that, the economy and geopolitics. Saw centralised systems as bankrupt politically and financially

⁃ Read the Bitcoin whitepaper in 2011. Met Vitalik in Toronto in 2014 and read the Ethereum whitepaper that night and it became clear it was the way to build a system better, faster and more expressive than on Bitcoin

⁃ Web3 vision resource: polynya.medium.com also /u/liberosist on Reddit

⁃ Vitalik did a great job of setting an intellectually honest tone of integrity along with the power of the ideas held them together vs differing opinions

Metamask

⁃ Metamask has a decentralised future ahead of it (Token confirmed?!)

⁃ Metamask is already an ecosystem and it will be more explicitly an ecosystem

NFTs

⁃ Astonishing to see how many people are affected by the NFT phenomenon. Major crossing of the chasm – use of the technology without a real understanding of the underlying

⁃ Cobie: It converted a lot more people but it’s also there is huge hostility to NFTs starting with the climate narrative

⁃ Joe: People with entrenched or vested interest trying to slow things down. Can’t worry too much about naysayers, try to stay patient and educate

⁃ Ethereum and others have a solution for the energetically expensive PoW. Bitcoin energy burning is almost a religion but with renewable energy they may be able to stay the course

Institutions and CBDCs

⁃ Multiyear agreements with financial institutions to enable Ethereum technology

⁃ NFT pipeline is also really big for projects right now

⁃ Regulation and liquidity along with matured technology the movement will be unstoppable

⁃ Nation state money is declining, looks like the end of a 80 year debt supercycle moving into a new era

⁃ Cobie: Governments have realised this, spinning up CBDCs per country. Not sure what they mean by it but they’ve accepted using these systems as the future

⁃ Joe: Depends on the country, China CBDC won’t be very decentralised. CBDCs will take a long time to figure out, don’t want to mess with systems billions rely on. ConsenSys have worked on multiple CBDC projects

⁃ Real time economy would shrink the duration between value creation events and be a growth driver for the economy

Multichain

⁃ Seen a multichain future for a long time

⁃ Security is dominated by BTC and ETH. More projects are focused on Execution

⁃ Alt L1s are more like competitors to Ethereum L2s

⁃ Solana are spending a huge about for security, fees are an order of magnitude less than what they’re paying. May look to ETH rollups in future for a solution

⁃ Ethereum has a massively unfair advantage with the size and speed of the development of the ecosystem

⁃ Cobie: How does Ethereum retain the ability to make changes while people become more reliant on it?

⁃ Joe: Not a new problem, Vitalik and others have spoken about simplifying the lower layers. Need to continue to improve the chain and sharding. Can see Palm as an ETH L2, Gnosis as a L2 and L3

Memes & New Economy

⁃ Everything is a meme now

⁃ Budweiser tweeting gm and wagmi

⁃ Moving from a previous economy which is very physical to an economy that is essentially all about creativity and living in virtual worlds

⁃ Things are going to get wacky and interesting in a creativity economy

MEV

⁃ Didn’t specifically think of MEV back in the day but recognised fee mechanisms would have sophistication come to it

⁃ Wallet Extractable Value is also being paid attention to

⁃ Continually evolving set of systems designed to make communities, users and organisations happy with given choices. End up paying the users of the system out of the MEV

Identity

⁃ Wallet is your digital authority

⁃ MetaMask moving towards enabling increasingly granular security

⁃ Able to have multiple personas and bring them together e.g. personas may need to be brought together for a better loan

⁃ Identity has been worked on from the start by ConsenSys and others from the start

⁃ As DAOs become increasingly politically important there will be a forum in which identity starts to ramify significantly

⁃ Thought DIDs would have been adopted quickly but it’s a deep set of problems

Final Alpha

⁃ Be kind to the people around you, take care of them

Notes by Kevin and Luke

Music by GiovanniPickle

  continue reading

78 episodes

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