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

LinksJoe TwitterWebShow 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/ftxShow 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