Ethereum co-founder Joseph Lubin: global economy will be 10 times larger in 10 to 20 years, when Blockchain is fully ramified, and Blockchain will be involved in most of it

Ethereum (ETH) co-founder Joseph Lubin said that he expects the global economy will be 10 times larger in 10 to 20 years, when blockchain is fully ramified, and blockchain will be involved in most of it. Lubin made the statement at the SXSW conference in Austin on March 14.

During the same keynote, Lubin also pointed out that just as nowadays there aren’t many “normal” people using blockchain-based systems, “there weren’t a lot of ‘normal’ people firing email around in 1983.”

He also reiterated the promises of Ethereum 2.0, stating that there are a lot of inefficiencies present in Bitcoin (BTC) and the current version of Ethereum that Ethereum 2.0 won’t have:

“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.”

Also read: Publicly traded U.S. company Riot Blockchain has filed with the SEC to launch a new regulated crypto exchange called RiotX in the U.S.

Source: https://cointelegraph.com/news/ethereum-co-founder-joseph-lubin-blockchain-will-be-most-of-the-economy-in-10-20-years