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Ethereum (ETH) Co-Founder Predicts Blockchain Will Dominate Economy in 10 Years

Ethereum co-founder Joseph Lubin made the prediction that blockchain will be a primary catalyst for the growth of the global economy over the next 10 to 20 years.

Speaking in a keynote at the SXSW conference in Austin on Mar. 14., Lubin claimed that he expected the global economy to grow ten times larger over the next decade or two, and fully expected blockchain to be involved in the majority of enterprise and market growth.

Lubin explained his prediction by comparing the current of blockchain and cryptocurrency to that of the internet and email in the years before it became a mainstream sensation. Speaking on the issue of mainstream adoption and the room left for blockchain to grow, Lubin said

“There weren’t a lot of ‘normal’ people firing email around in 1983.”

Ethereum’s co-founder also took the opportunity to address the advantages he sees in the development of Ethereum 2.0 over cryptocurrency market leader Bitcoin. In particular, Lubin explained that the Ethereum development team is specifically targeting the inefficiencies of Bitcoin as areas of advantage for Ethereum 2.0, presenting what he believes will be a cryptocurrency capable of overcoming the current industry hurdles,

“In Bitcoin and currently in Ethereum, you need to have specialized hardware, burn lots of electricity, waste lots of computation, to basically keep everybody in sync. [With Ethereum 2.0, in 18 months] we’ll have a blockchain system much more powerful and scalable that uses orders of magnitude less energy.”

While Ethereum is still a year and a half away from launching its anticipated major update, one that will witness a monumental switch from a Proof of Work system to Proof of Stake, the developer is already looking to how Ethereum can revolutionize the industry and improve upon its current framework.

Lubin made headlines earlier in the week for similar comments related to the benefits of blockchain, when he claimed that the decentralized technology could be of substantial benefit to content creators. Lubin singled out artists as a subgroup that would “benefit quite dramatically” from the adoption of blockchain, allowing them greater control over the distribution of their content while dictating the parameters of its consumption.

During that talk, Lubin went on to state that blockchain removed the need for middlemen in content creation and distribution, a factor that would greatly benefit the bottom line for musicians and other creative performers,

“I think artists in the music industry on average capture about 11 or 12 percent of the value in the industry and those big record companies are sucking up 70 or so percent. We can replace those record companies with smart contracts on the Ethereum platform.”

Cryptocurrency, as a whole, has seen positive price traction in 2019 after an abysmal year for coin prices in 2018. While there have been periods of price oscillation, Bitcoin reached its lowest 30-day price volatility earlier in the week since November 2018. In addition, the majority of top cryptos have experienced double digit price gains since the start of the year, with altcoins leading the market. Ethereum has managed a nice rebound in price after falling in valuation with the rest of the industry from it’s all time high established in early 2018. 

Last week, analytic firm Electric Capital reported that Ethereum had the most robust monthly developer contribution, generating twice that of second-place Bitcoin.

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Bandwagon: Utah Senate Considers Blockchain Following Landmark Wyoming Legislation

Utah legislators are now considering blockchain treatment in a bill that goes before the state senate on Mar. 4

Following on the heels of a series of landmark bills passed by the state of Wyoming, which is now widely recognized as the first and only U.S. state to provide a comprehensive framework for blockchain technology, Utah is looking to get in on the action.

The bill being proposed today specifically centers on the definition of the technology, thereby providing a basis for potential incentives and special treatment that could be doled out by the state. Known as the “Blockchain Technology Act,” the bill was first presented by Republican Senator Daniel Hemmert on Feb. 25. If passed, the new legislation will exempt blockchain businesses from money transmitter compliance obligations, thereby easing the process of development in the state.

The ultimate goal for Wyoming, Utah and other states that follow suit is promoting an atmosphere of blockchain acceptance. According to one forecast published last November, the market for blockchain in global retail will increase twenty-nine fold over the next five years, giving some indication of the anticipation for the industry. States that can strike a balance now of easy to follow regulation are opening the door for both a flood of new employment and economic generation.

The specifics of the “Blockchain Technology Act,” also classified as Bill 0213, are as follows:

“This bill […] defines and clarifies terms related to blockchain technology [and] exempts a person who facilitates the creation, exchange, or sale of certain blockchain technology-related products from Title 7, Chapter 25, [of the] Money Transmitter Act,” the text of the bill reads.

State senator Hemmert also intends to create a dedicated task force focused on exploring blockchain, in addition to improving the atmosphere for blockchain firms. As apart of his proposal, the taskforce will administer pilot projects, with the goal of reporting their findings back to the state by the end of the year.

According to the bill,

“On or before November 30, 2019, the task force shall provide a report on the task force’s findings and recommendations, including any proposed legislation.”

Compared to the existing framework in New York–through its convoluted and maligned BitLicense program–alternative locations are beginning to appear as the superior choice for blockchain based firm development. Wyoming legislators, who have already enacted 13 blockchain-enabling laws, are trailblazing the space of enticing developers and companies to operate in their state. Wyoming has become so progressive on the industry of blockchain that it has started referring to itself as the “Delaware of Digital Asset Law,” making a play on Delaware’s leading interest in corporate law.

More and more government regulators and politicians are coming to recognize the potential for blockchain development. While the narrative around the industry years ago may have centered on criminal activity, the conversation is moving towards fostering growth as opposed to stifling innovation. Should Wyoming’s position as the leader in blockchain law prove fortuitous for the state, it won’t be long before the series of legislation becomes popular across the country.

 

Title image courtesy of beatingbetting.co.uk

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Linkedin: Blockchain Developer is 2018 Most Growing Job Sector (33X)

Bearish about Cryptocurrencies and Blockchain Technologies? Think Again. Research conducted by the leading labor-oriented social network, LinkedIn, revealed that the Blockchain Development sector has experienced the fastest growth of all the emerging industries recorded by the portal.

According to the study, “Blockchain Development” has experienced a growth of more than 33 times compared to the number of existing offers during the year 2017.

The cities with more demand for this type of work are located in the United States: San Francisco, New York and Atlanta, while the skills with more demand are Solidity (the programming language used for development in Ethereum) Ethereum per se, Cryptocurrency, Node.js while the industries with more job demand are IBM, ConsenSys and Chainyard.

The need for experienced blockchain professionals is followed by engineers with experience in Machine Learning, Sales, Medical Representatives, Data Science, and other similar fields.

Blockchain is Here To Stay and Not Only LinkedIn Says So

These results corroborate other independent studies that have reached similar conclusions. Has Not only the number of offers for jobs related to this technology increased but also the number of freelancers who have adopted the use of crypto as a means of payment grew to almost 33% of the total market.

Last year, the freelancing-oriented platform Upwork, published the results of its annual research, showing how the demand for skills related to Bitcoin and blockchain technologies in general became the most active trend.

The cryptocurrency craze is only just beginning
Bitcoin (#1), the most searched Google term in 2017, was the fastest-growing skill in Q4. This was the same time period it hit record high after record high price and reached an all-time high of $19,783 (December 17, 2017). Since its peak, the price has dropped by more than 60 percent; but there is still demand for experts familiar with bitcoin as many look to develop their own cryptocurrencies”

The growth of this type of work is of particular importance especially for those traders who make fundamental analyses. The adoption of cryptocurrencies is critical given the emerging nature of the technology.

The LinkedIn research team was not overly excited by the results. For LinkedIn, no matter how much hype exists at present, it is crucial to be cautious before making any kind of prediction about the stability of blockchain technologies as areas of research that are worth developing industries in the near future:

“It also may not shock you that Blockchain Developer is topping the list following this year’s surge in interest around blockchain and cryptocurrency.
Only time will tell if blockchain will be a long-standing trend in the job market,”

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Cryptocurrencies 'Are Not Going Away' Says CFTC Official

Cryptocurrencies are here to stay, a U.S. Commodity Futures Trading Commission official said this week.

Rostin Benham, one of the CFTC’s commissioners, spoke during the Blockchain for Impact Global Summit, held at the United Nations Plaza on Monday. During his speech, he emphasized the major potential for blockchain to address issues in healthcare, employment and crime, among other sectors.

Calling cryptocurrencies a “technological revolution,” Behnam said:

“But virtual currencies may – will – become part of the economic practices of any country, anywhere. Let me repeat that: these currencies are not going away and they will proliferate to every economy and every part of the planet … Virtual currencies could transform the economic and social landscape.”

Benham also warned against the flip-side of cryptocurrencies if they are not properly overseen, saying “if we are not thoughtful, if we do not remain ever diligent to the movements within the transformation, we may unleash corruption, criminality and division on a greater scale.”

“Blockchain could become a source for repression and totalitarianism,” he warned.

This is not the first time Benham has expressed caution about the potential use cases for blockchain. In an earlier address last month at the FIA Law and Compliance conference, he shared concerns over the possibility of cryptocurrencies threatening the stability of the financial industry.

Still, his sentiments over blockchain remain ever cognizant of the new technology’s ability to remake “our economic, social, and political relations.”

The BFI summit was aimed at uncovering the applications of blockchain technology to sustainable development and humanitarian challenges by engaging the United Nations (UN) departments, funds, programs and specialized agencies. It is part of a broader initiative by the Blockchain Commission for Sustainable Development that was established last year by the UN General Assembly.

UN flag image via Shutterstock.

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Microsoft Unveils New Blockchain Tools for Azure

Microsoft announced the Azure Blockchain Workbench Monday, releasing a new set of tools for developers that work with distributed ledger tech.

The Workbench provides “the scaffolding for an end-to-end blockchain application,” and can be set up “with just a few simple clicks,” according to the announcement. Put more simply, Microsoft is trying to streamline the method by which companies and their development teams can build apps on top of Azure-based blockchains.

“Today, we’re excited to announce the public preview release of Azure Blockchain Workbench, a new offering that can reduce application development time from months to days,” Azure general manager Matthew Kerner wrote in a blog post published Monday.

Kerner added:

“Workbench gets customers started quickly by automating infrastructure setup, so developers can focus on application logic, and business owners can focus on defining and validating their use cases.”

Some of the firm’s existing partners have already taken advantage of the Workbench, Microsoft announced, including Israel’s Bank Hapoalim, food distributor Nestle and “quote-to-cash” software producer Apttus.

Stepping back, the move is just the latest for the technology giant, which has joined several blockchain-focused partnerships in the last few months.

The company is working with Hyperledger, the United Nations, research consortium R3 and Cornell University’s Blockchain Research Group to study different aspects of blockchain technology.

Outside of those group efforts, Microsoft has shown interest in the technology for digital identity purposes, as previously reported.

Microsoft image via Volodymyr Kyrylyuk / Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.