Ethereum co-founder Joseph Lubin says that cryptocurrency ecosystem remains strong even after multiple price tumbles. Lubin stated this during an interview with Bloomberg, in the relationship with the past year’s surge in the value of digital currencies
Lubin, who is the chief executive officer at ConsenSys Inc., said that developer activity rose by “two orders of magnitude” since prices jumped last year.
“We’ve seen six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening but when you look back they look like pimples on a chart. With each of these bubbles, we have a tremendous surge of activity and that’s what we’re seeing right now.”
Lubin founded ConsenSys after leaving Ethereum, which helps startups build on top of the Ethereum network. As per him Lubin, ConsenSys and its 1,100 employees builds infrastructure for the Ethereum ecosystem, focussing on products, consulting for enterprises, governments, and central banks, and capital market activity. He added that it took under $100 million to run ConsenSys last year and the figures are expected to be higher this year.
In February, Ether skyrocketed over $1,000 as the startups’ built projects on top of the Ethereum blockchain and digital tokens were sold in exchange for Ether in crowd sales known as initial coin offerings. Now that some of those projects are cashing out Ether has started slumping. The fall is almost 27 percent this week, the biggest two-day drop since February.
Despite the ups and downs, Lubin sees a future where Ethereum will emerge as a significant protocol among hundreds of co-existing others. He said:
“This is what it feels like to be living in exponential times.”
A lot of cryptocurrency enthusiasts feels the sentiments.
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