Joseph Lubin, founder of ConsenSys and co-founder of Ethereum, speaks at SXSW 2018 on Friday afternoon.  During his Q&A with Forbes Senior Editor Laura Shin, Ethereum co-founder Joseph Lubin discussed the power of blockchain technology, Lubin, wearing a typical tech-guru casual t-shirt and jeans, addressed the audience with a casual but serious tone, initially discussing bitcoin’s influence on cryptocurrencies as a whole. He said that whereas bitcoin was an experiment with the potential of decentralized currencies, Ethereum and other projects want to take that idea to the next level, allowing people to get paid for the work they’re truly interested in.

“Our company ConsenSys was started to continue the vision of the Ethereum project,” Lubin said. “It’s an open-source project, with 100,000 to 200,000 people around the world building off of this system The bounties network incentivizes people to do work in certain kind of projects, everything from health to supply chain to law.” Lubin said he sees the business world shifting, with Web 3.0, or the semantic Web, at the core of it all.

Whereas the current form of business is companies offering services to the consumer, Lubin envisions a world where exchanges happen from consumer to consumer without restriction, although he noted that it will take time for systems to be built out and used on a wide-spread basis. Shin asked Lubin about the legality of these aspirations, but Lubin emphasized that the aim of Ether and the Ethereum Project isn’t to become a cryptocurrency, but rather a cryptofuel for projects, hence his lack of concern for legal issues. He also ensured the audience that Ethereum plans to avoid money laundering, something other currencies have struggled with and continue to battle today, with a confidential form of identification.

Lubin reminded that law enforcement can easily track these unlawful actions with modern technology, meaning the fluid, trustworthy and collaboration-focused infrastructure won’t be plagued by illegal activity. “There are so many great projects in our space,” Lubin said.

“There are so many bad projects in our space. There are so many fraudulent projects in our space. Read more from…

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