Ethereum is one of the largest cryptocurrencies on the market alongside Bitcoin and Ripple. Thanks to its smart contract capabilities, many companies are already using it in practice. Co-founder Joseph Lubin told a conference audience he expects rapid growth for Ethereum over the next two years.
Lubin is not only a co-founder of the digital asset Ethereum but also the founder of blockchain company ConsenSys, which advances project development on the Ethereum blockchain. As the keynote speaker at SXSW, Lubin recounted Ethereum’s development from its early days to the present. He predicted Ethereum could grow “1,000-fold” over the next two years (translated):
Ethereum 2.0 is on the doorstep… We have built eight teams and are currently in Phase 0 of the roadmap’s four phases. We are constructing the base layer for second-layer solutions that will increase scalability by 1,000 times over the next 18 to 24 months. After that, Ethereum will continue to expand.
Adoption and expansion of cryptocurrencies are still in their early phases, so the current market dynamics are normal and not a cause for panic (translated):
Since the ecosystem’s launch and since 2009, we have seen many incredible price increases for these assets, followed by significant corrections. The most notable correction set us back about a year, which was still 5,000 times more valuable than at ETH’s outset. In that context, it is not so alarming.
Blockchain technology represents a revolutionary shift in human history, and its full economic and social impact will become clear only over time. Development will take years, if not decades (translated):
When blockchain fully matures in 10 to 20 years, the economy will likely be about ten times larger. Blockchain will probably account for a large portion of that growth; in dollar terms, that is very, very significant.
Ethereum remains well below its previous high of over $1,300, yet history shows these cycles are healthy and often necessary for long-term progress and broader global adoption.
That’s a wrap for #ConsenSysSXSW! A massive thank you to @SXSW for having me. Blown away by the size of the crowd and the interest in #blockchain around Austin this year. My outlook on #Ethereum for 2019? Yeehaw ???? pic.twitter.com/7zN4qPaB0b
— Joseph Lubin (@ethereumJoseph) March 14, 2019
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