Joseph Lubin: We are still in the early stages of the Web 3.0 transition

Web 3.0 will challenge business models worldwide, redistributing profits and authority to communities and content creators. Lubin, founder of ConsenSys and one of Ethereum’s co-founders, told the Financial Review.

The paradigm shift has only just begun. We can organise governance and finance on democratic principles just as it happened with the Internet, the expert explained.

At Blockchain Australia conference, Lubin noted that authorities and regulators in various countries do not view Ethereum with enthusiasm. He explained this as a misunderstanding of its nature or “their own plans,” although they will ultimately have to “accept” it.

Lubin reminded of the upcoming transition of Ethereum to Proof-of-Stake, which will increase throughput and deprive critics of the argument about high energy consumption. The transition to a different consensus algorithm will strengthen its position as a key part of the emerging decentralised financial infrastructure, he added.

On 14 March, developers запустили testnet Kiln, which is expected to be the final step before the mainnet’s transition to PoS.

In December 2021, to test the consequences of merging blockchains on the Proof-of-Work and Proof-of-Stake consensus algorithms open access to the Kintsugi testnet.

Earlier, Joseph Lubin forecast the launch of the network’s second iteration in Q2 or Q3 2022.

The amount of funds locked in the Ethereum 2.0 deposit contract exceeded 10 million ETH.

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