{"id":47254,"date":"2021-08-05T12:41:41","date_gmt":"2021-08-05T09:41:41","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=47254"},"modified":"2025-09-01T20:22:28","modified_gmt":"2025-09-01T17:22:28","slug":"joseph-lubin-ethereum-will-be-orders-of-magnitude-larger-than-bitcoin","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/joseph-lubin-ethereum-will-be-orders-of-magnitude-larger-than-bitcoin\/","title":{"rendered":"Joseph Lubin: Ethereum will be orders of magnitude larger than Bitcoin"},"content":{"rendered":"<p>Ethereum will become a &#8220;next-generation economy&#8221; and will be orders of magnitude larger than a &#8220;narrow monetary system,&#8221; said Joseph Lubin, head of ConsenSys and co-founder of the second-largest cryptocurrency, in an interview with Bloomberg.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Is Ethereum really ultra-sound money? <a href=\"https:\/\/twitter.com\/emilychangtv?ref_src=twsrc%5Etfw\">@emilychangtv<\/a> and <a href=\"https:\/\/twitter.com\/TheStalwart?ref_src=twsrc%5Etfw\">@thestalwart<\/a> talk to Ethereum co-founder Joe Lubin ahead of the \u00abLondon Fork.\u00bb <\/p>\n<p>Lubin says Ethereum will be \u00aborders of magnitude\u00bb bigger than Bitcoin <a href=\"https:\/\/t.co\/7UdrI2Gt6c\">https:\/\/t.co\/7UdrI2Gt6c<\/a> <a href=\"https:\/\/t.co\/D8W06Kbs32\">pic.twitter.com\/D8W06Kbs32<\/a><\/p>\n<p>\u2014 Bloomberg TV (@BloombergTV) <a href=\"https:\/\/twitter.com\/BloombergTV\/status\/1423052262226677763?ref_src=twsrc%5Etfw\">August 4, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to him, Ethereum&#8217;s ecosystem, which he compared to the Internet, already surpasses Bitcoin on many metrics.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe Ethereum ecosystem has long surpassed the Bitcoin ecosystem in terms of developer activity, daily transaction volume, the value of the tokens, and the number of tokens,\u201d Lubin stressed.<\/p>\n<\/blockquote>\n<p>On August 5, 2021, the <a href=\"https:\/\/u1f987.com\/en\/news\/developer-proposes-block-number-to-activate-the-london-hard-fork-on-ethereum\">the London<\/a> hard fork will take place on the cryptocurrency network. The update includes an <span data-descr=\"Ethereum Improvement Proposal\" class=\"old_tooltip\">EIP<\/span>-1559, which involves burning part of the transaction fees. Lubin called this a step toward turning Ethereum into &#8220;superpowerful money,&#8221; adding that the coin is already in high demand.<\/p>\n<p>He noted that the hard fork is an important milestone in the transition to <a href=\"https:\/\/u1f987.com\/en\/news\/vitalik-buterin-outlines-ethereums-development-after-the-eth2-merge\">ETH 2.0<\/a>. Also, Lubin confirmed Vitalik Buterin&#8217;s claim that the second version of the network will be 1,000 times more energy-efficient than the current one.<\/p>\n<p>After, at the Aspen Security Forum 2021, the chairman of the <span data-descr=\"Securities and Exchange Commission\" class=\"old_tooltip\">SEC <\/span> Gary Gensler refused to answer whether Ethereum qualifies as a security, leaving the regulatory status of the second-largest cryptocurrency in question.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: When asked to comment on whether Ethereum qualifies as a security under the Howey Test because it is under the control of so few people, SEC Chairman Gary Gensler refused to answer. <a href=\"https:\/\/twitter.com\/hashtag\/ETH?src=hash&#038;ref_src=twsrc%5Etfw\">#ETH<\/a><\/p>\n<p>\u2014 Neil Jacobs (@NeilJacobs) <a href=\"https:\/\/twitter.com\/NeilJacobs\/status\/1422604975230881806?ref_src=twsrc%5Etfw\">August 3, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>However, Lubin believes that Ethereum is sufficiently decentralized to avoid being classified as a security.<\/p>\n<p>Earlier, the CEO of ConsenSys said that <a href=\"https:\/\/u1f987.com\/en\/news\/joseph-lubin-predicts-rapid-transition-to-ethereum-2-0\">the transition to ETH 2.0 may happen faster<\/a> than most users expect.<\/p>\n<p>Follow ForkLog&#8217;s news on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum will become a &#8216;next-generation economy&#8217; and will be orders of magnitude larger than a &#8216;narrow monetary system&#8217;, said Joseph Lubin, head of ConsenSys and co-founder of the second-largest cryptocurrency, in an interview with Bloomberg.<\/p>\n","protected":false},"author":1,"featured_media":47255,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[46,1548,1138],"class_list":["post-47254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ethereum","tag-joseph-lubin","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=47254"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47254\/revisions"}],"predecessor-version":[{"id":47256,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/47254\/revisions\/47256"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/47255"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=47254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=47254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=47254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}