Joseph Lubin, the Co-Founder of Ethereum spoke about the Web 3.0, the next generation web, during NEXT18 Conference. He also spoke about the US Securities and Exchange Commission [SEC] stance on Ethereum.
On being asked whether a blockchain was a business or a belief, he responded by stating that a person can build business on the blockchain. He went on to say :
“…essentially the corporation construct is something that I can put money into and it can use that money to figure out how to provide value to its customers and in exchange for putting money into that thing, I can expect a return on my investment generated by these people in the company.”
Lubin further stated that recently, Bill Hinman, Director of Corporate Finance at the SEC declared in one of his speeches that Ether was decentralized. He also explained that the Director had stated that the SEC acknowledged that it was a new kind of construct which did not require investment.
Hinman further stated that if the tokens were constructed and marketed in an appropriate way it will be considered as a utility token and not a security.
Referring to Hinman’s statement, Lubin stated:
“That would be sort of the business logic glue that creates this new construct.”
During the discussion, he also spoke about ConsenSys. Lubin stated that the ConsenSys team acts as a consultant to many companies. He added that they build software for companies in consortium with banks and governments.
He further stated that at ConsenSys, developers focused on building many products for the Ethereum ecosystem. In addition, the team engages with education and capital market activities.
On being asked about his opinion on the next “killer application” that was advantageous to the technology, Lubin stated that there were thousands of projects around the world, focused on building Web 3.0.
According to Lubin, Web 3.0 was the next iteration beyond Web 2. Web 3.0 will include fungible and non-fungible tokens, cryptocurrency bonds and commodities. He stated that a few banks have already placed bonds on the blockchain. The co-founder added that crypto-collectibles were becoming the next popular thing in the U.S. He backed his statement by giving Cryptokitties and the recently held baseball crypto-give-away, digital bobbleheads as examples.
He went on to discuss where the blockchain technology stood in the current world. Lubin stated that the blockchain technology was at its early stage.
“We’re working with regulators around the world we’re trying to be extremely rigorous in how we sell these tokens that they’re considered consumer utility tokens and not securities. and so we’re going I think way overboard I think we’ll relax over time and make it easier to buy a consumer utility token.”
In Lubin’s opinion, the blockchain technology enabled people to have more direct financial participation and less power form intermediaries to perform a rent-seeking behavior.
He concluded by stating:
“I think will be able to accomplish more of the things that we want to do collectively without relying on governments or corporations to take care of those things.”