Ethereum Co-Founder: ‘We Let Price Take Care of Itself’
Jul 11, 2018
Ethereum co-founder Joseph Lubin was interviewed on CNBC news today. The interview focused on the continued success of the world’s second-largest cryptocurrency and gave insight into what Ethereum’s developers think of the coin’s price fluctuations.
Lubin maintained that the Ethereum team’s focus is and continues to be on the technology and not token prices, saying:
“Our company consensus, and all the people in the Ethereum ecosystem, our software developers, we focus on building infrastructure. We let the price take care of itself.”
Ethereum’s price reached an all time high in mid-January of this year. Since that time, Ethereum, along with most of the world’s major cryptocurrencies, has fallen considerably. To date, the token is valued at $439.
Despite Ethereum’s declining price, Lubin remains optimistic about the company’s future. He reminded viewers that it was only a few years ago that Ethereum was trading between 20 to 25 cents stating, “General fear-greed dynamics tend to cause overshoots and corrections … we’re in great shape.”
Lubin described the Ethereum network as being in an “era of scalability”. He explained that a second layer is being added to Ethereum’s layer one “trust layer”. This new layer to the Ethereum network will consist of state channels, sidechains and plasma mechanisms.
The Ethereum team is also working to up network speeds to tens or even hundreds of thousands of transactions per second—an upgrade which has been in high demand by Ethereum users in light of the company’s exploding popularity.
Lubin concluded the interview stating:
“If the price is high or if the price shoots up and down, it’s actually great for us because it draws attention to our ecosystem. It draws entrepreneurs, it draws technologists, and all of that interest drives fundamental value.”
Jacob Godshall is a former professional poker player turned cryptocurrency enthusiast. He is a contributing writer at Unhashed, and aims towards furthering the spread of ideas and important information surrounding all things crypto. In his spare time, Jacob enjoys reading and making electronic music