In this episode of Decrypt Media, Joe Lubin, Ethereum co-founder, and ConsenSys CEO joins host Dan Roberts to discuss the Ethereum merge and aftermath, why he's super bullish on NFTs and the metaverse, and much more.
Read our notes below to learn more.
Thoughts on Ethereum Merge
Merge went incredibly smoothly.
The ecosystem and company are doing well despite reduced volumes and intensity and compares the current situation to the dot-com boom and bust.
Believes that the real building will be in the development of the web3 economy where communities can use web3 components and primitives to build new applications and services.
Ethereum Merge will enable cost reduction and scalability for the platform.
The guaranteed data availability enabled by proof of stake will also allow for infinite scalability.
The Current Reputation of Crypto
There is a disconnect between the number of people who know about the blockchain ecosystem and those who trust it and want to participate in it.
This is due to the complexity of the technology and a lack of use cases that would appeal to the general population.
The only time the blockchain ecosystem has gained mainstream attention is with the rise of NFTs.
As the web-free economy continues to develop, it is expected that the gap between knowledge and participation in the ecosystem will close.
The current stage of development of the blockchain ecosystem can be compared to the early days of the internet, around the year 2000, when the focus was on e-commerce and eventually mobile and social interactivity.
TODAY’S EDITION IS BROUGHT TO YOU BY TREZOR HARDWARE WALLET
Navigating the waters of crypto is risky; even the biggest CEXs & stable coins can have huge risks…
Act now, click the link below & become your own bank via self-custody.
What will be the Killer Applications of Crypto?
This economy is based on decentralized protocols and will have many applications.
As the economy grows, it will become more stable and valuable and will attract more people.
Metaverse will be a virtual world where people will spend a lot of their time and money, and engage in virtual reality or augmented reality experiences.
The current experience of web3 to the early days of the internet in 1994 and it will attract more people.
Digital Art and NFTs
Mark Andreessen (a16z general partner) believes that NFTs will play a significant role in the future.
NFTs are digital objects that can have unique identities and can participate in transactions.
They can also have autonomy and be composed into complex architectures.
Andreessen believes that the uniqueness and autonomy of NFTs will make them valuable constructs for companies in the future.
NFTs will not just be containers for art but will have a wider range of applications.
Energy Aspect of the Merge
The merge received a lot of attention from various mainstream media companies worldwide.
Many journalists were aware of the event and recognized its significance as a potentially major story akin to the advent of the internet or the web.
The merge reducing the carbon footprint for minting NFTs and removing 99.95% of Ethereum's carbon footprint was widely communicated.
Does the Merge Not Put Pressure on Bitcoin Energy-wise?
Ethereum 2.0 has shown that Ethereum is capable of achieving significant progress and may be considered systemically important in the future.
Ethereum community has handled these changes remarkably well and is now focused on building out the web3 economies.
Other ecosystems may now have more respect for Ethereum and are also working on building out the decentralized protocol economy.
UX Problems
The development of new technologies and how they often start out rough around the edges.
Metamask tries to understand different user personas and build more functional user interfaces.
Plans to roll out more financial primitives and abstraction layers to make it easier for users to interact with tokens and protocols.
The ultimate goal is to allow users to simply buy, pay, lend, earn, stake, etc. with simplicity on Metamask.
Regulatory Concerns
SEC has decided that it is too early to write clear rules for regulating crypto and instead will enforce regulations through the punishment of bad actors.
The SEC's previous regime has effectively dealt with fraudulent projects and punished those selling unregistered securities to Americans.
The US has not been a negative place for innovative crypto and blockchain companies.
However, if the SEC were to make clear rules it could significantly impact the excitement and energy in the cryptocurrency ecosystem.
Next Big Thing
Roll-ups and decentralized identities is becoming more mainstream and will become more prevalent in mainstream culture.
It will be used in various aspects such as reputation, verifiable credentials, and participation in DAOs.
The entertainment industry will be the first sector to experience the disintermediation of elements of the traditional economy due to smart contracts and transparent rules.
Intermediaries in traditional industries will need to be more agile and serve their communities better rather than focusing on protecting their own positions.
Check out these important links
TODAY’S EDITION IS BROUGHT TO YOU BY TREZOR HARDWARE WALLET
Navigating the waters of crypto is risky; even the biggest CEXs & stable coins can have huge risks…
Act now, click the link below & become your own bank via self-custody.