Price of Ethereum will benefit from Constantinople upgrade

Ethereum Co-founder Joseph Lubin says blockchain will create wealth, but believes it the tech has a long way to go before it influences society

As Ethereum’s cryptocurrency ETH struggles to see its price pushed by bulls towards $215, the pending Constantinople upgrade scheduled for 16th January will likely give it the support it needs.

This is reportedly one of the largest to date and, if successful, will implement five Ethereum Improvement Proposals (EIP).

The Constantinople hard fork will “introduce native bitwise shifting instructions which are more efficient for processing transactions on the network. Allow blocks to be directly aware of block hashes much older than the current hash. To implement scaling based upon state channels and off-chain transactions; optimises large-scale code execution on the network. And proposes the reduction of excessive gas costs where it does not match how most implementation works.”

Creating wealth

Joseph Lubin, Co-founder of Ethereum and CEO of ConsenSys, told the New York Times that blockchain will move society from “scarcity to an abundance mindset”.

“We are going to to be more in control of our identity and our agency on these different decentralised networks,” he said. “I think that’s going to create more wealth and more interest in expressing ourselves, and I think there will be more appetite for luxury than less.”

In another interview with German news outlet T3N, Lubin expressed optimism in regards to the future of crypto. He also said blockchain had the potential to reshape the future of technologies towards becoming more user-friendly.

However, he noted that it may still have a long way to go. It must be remembered that the internet took more two decades to achieve the level of social influence it has today.

“Blockchain is growing exponentially. There are hundreds of projects that are already practical for people,” he stated. “And they will enable people to build even more things that will be practical again. That’s how the web was developed. It will probably take a little longer because it’s much more complicated.”

Lubin added that “because we work with issues like digital money, blockchain will penetrate society more than the internet. Everything will be networked in a Web 3.0.”

To the surprise of nobody, Lubin claimed Ethereum was better than Bitcoin. In fact, it is the king of cryptocurrencies.

“ETH is also cheaper and faster to transport values with it. It’s much better money than Bitcoin. I assume that it will be used much more than money … We expected it to level off at about the same amount as Bitcoin.”

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