The Unofficial Joseph Lubin Wiki
One of the co-founders of Ethereum, Joseph Lubin has become a major force in the cryptocurrency space through ConsenSys, which includes ventures in many areas of the blockchain world. We'll trace how he got to where he is today and what we can learn from him. To learn more about how to use Ether to make purchases, check out this guide to MetaMask. This video was made with Ezvid Wikimaker.
Joseph Lubin On The Web
- Official Twitter
- ConsenSys Website
- The Brooklyn Project
- The Brooklyn Project Announcement
- ConsenSys on YouTube
Joseph Lubin Discusses ConsenSys
Is Ethereum The Same As Bitcoin?
Ethereum and Bitcoin are both cryptocurrencies that are often used to purchase alternative coins, especially through Initial Coin Offerings. However, Ethereum has set itself apart through two sets of standards: ERC-20 and ERC-721. ERC-20 helps regulate the smart contracts for fungible assets, which includes coins as well as dapps like PoWH3D and Gandhiji. These are fungible tokens that are often found on exchanges like ForkDelta. ERC-721 is for unique, non-fungible assets known as crypto collectibles. This includes games like CryptoKitties and Etheremon as well as digital assets like Factbar. Because each asset is unique, they aren't interchangeable, so they aren't found on exchanges, though sometimes they are sold through marketplaces like Rare Bits and OpenSea. To see all of the different types of assets available on the Ethereum network, try this guide to DappRadar.
Joseph Lubin on CNBC
Joseph Lubin is a Canadian entrepreneur and business leader who gained wealth and notoriety as one of the co-founders of the popular cryptocurrency Ethereum. Currently the head of ConsenSys, a software production studio in Brooklyn, he's extended his reach as an advocate of blockchain technology and its potential to change the world. Let's trace how he managed to become an influential figure while building a fortune estimated at more than $1 billion in 2018.
Like the other co-founders of Ethereum, Lubin originally hails from Toronto. After graduating from Princeton University with a degree in Electrical Engineering and Computer Science, he was a member of the research staff in the Robotics Lab at Princeton. He later worked for Goldman Sachs in New York City.
After running his own hedge fund, Lubin spent some time in Jamaica as a music manager. Following the financial crisis of 2008, he became acutely aware of the flaws of centralized systems, realizing that there are advantages to systems which distribute power more broadly. After the publishing of the Satoshi Nakamoto Bitcoin white paper, Lubin felt blockchain technology was what he was looking for, not just as a new form of money, but as "an organizing principle for Earth."
Following the financial crisis of 2008, he became acutely aware of the flaws of centralized systems, realizing that there are advantages to systems which distribute power more broadly.
He joined Anthony Di Iorio and Vitalik Buterin to found Ethereum, hoping to expand the way blockchain was used. Ethereum is similar to Bitcoin, but while working as COO of Ethereum, Lubin helped advance its capability to involve the storing of programs, not just data, and incorporating smart contracts.
Bitcoin and Ethereum are both cryptocurrencies, and rely on the use of blockchain technology. The use of a decentralized ledger provides proof of transactions without a central authority. The advantage seen in this decentralized model is that no powerful institution can manipulate the system because any user is able to access and audit records.
When you make a transaction on the Ethereum network, no person is verifying your payment. Instead, it goes through "Smart contracts," programs which operate on the Ethereum blockchain. To avoid the chaos of unreliable scripts clogging the blockchain, a set of standards called ERC20 was created.
To avoid the chaos of unreliable scripts clogging the blockchain, a set of standards called ERC20 was created.
There are many different types of coins available. Often companies will issue an "I.C.O.," where they sell tokens that represent a stake in their company, or use those tokens as currency to participate in that company's business. You can use Ether to buy and sell these tokens. ERC20 is a set of six functions for these smart contracts to ensure integration with the blockchain, and most digital wallets that accept Ethereum will also accept ERC20 tokens.
ERC20 tokens are like Bitcoin and Ether in that they are fungible, meaning all coins of a certain currency are the same. If you have two Bitcoins, and you plan to sell one, it doesn't matter which one you sell because they are worth the same amount. You can also deal in fractions of a coin in the same way you can deal in dollars and cents. But some assets are unique, or non-fungible.
To handle unique assets, ERC721 was created. This is a standard for smart contracts dealing in digital assets that are not all the same. One popular example is Factbar, online representations of facts that are researched and verified. If you own a Factbar, you are the only person who owns it at that time, and every Factbar has its own unique value. Highly-desirable Factbars can therefore fetch high prices.
This is a standard for smart contracts dealing in digital assets that are not all the same.
The ability to employ these smart contracts has led to an explosion in dapps, applications where users can buy and sell both fungible and non-fungible tokens. The value of Ether has skyrocketed, and as a large holder, Lubin's personal wealth grew as well. He has stated that he's sold much of his Ether in order to finance his company, ConsenSys.
ConsenSys was created to develop decentralized software and applications for the Ethereum blockchain, but has grown to dozens of companies. Among these are BTC Relay, which uses the Ethereum Blockchain to verify Bitcoin transactions, Ujo Music, a platform for verifying music rights and royalty payments, and EtherSign, a system for electronically signing documents. ConsenSys is also working with companies like Microsoft and Deloitte in order to make Ethereum more accessible so that it can function with traditional banking services.
Lubin has also founded The Brooklyn Project, which aims to solve problems in the Ethereum blockchain and address criticisms of this growing marketplace. In announcing the Brooklyn Project, Lubin laid out his belief that blockchain growth will be "distributed more evenly across society than the top-heavy economic growth to which we've unfortunately grown accustomed."
Lubin has also founded The Brooklyn Project, which aims to solve problems in the Ethereum blockchain and address criticisms of this growing marketplace.
Blockchain is still relatively new, and only a small percentage of the population currently uses cryptocurrencies. Joseph Lubin is betting big that this technology will continue growing, and that with proper oversight and the creation of decentralized methods of researching and rating assets, the Ethereum blockchain will be a major part of changing our world for the better and building a more equitable future through new financial and social systems.