Bitcoin and other currencies like Ripple and ethereum are the talk of the town but it is still unclear what their future holds. Ethereum’s co-founder Joseph Lubin gave a glimpse into the “explosive” future for digital currencies.Speaking to Bloomberg, he said: “This is an incredibly exciting time, we’re about to enter into an explosive growth regime for the global economy.“As we move money into natively digital form like bitcoin, cyrptofuel like ether, inter-natively digital form identity like our Uport identity system and reputation and certificates.
“All these things are trustfully rendered in native digital form because of the blockchain.
“So every transaction involving those things will have clearing and settlements that can be pressed into the transaction virtually eliminating all friction.”Ethereum is a platform for trusted transactions and automated agreements, which is powered by its own cryptocurrency.Rubin said over the next decade ethereum could create a decentralised internet.
He said: “The nature of the way companies are delivering services on the internet currently, we have walled gardens, we have siloed systems.
“We have this new invention called the destruction of net neutrality which is I think going to be an interesting driver for decentralisation.”
Unlike bitcoin, ethereum allows developers to build applications on its network. The majority of initial coin offerings and other trading games are based on ethereum.
Ethereum’s particular blockchain technology means that the currency is more naturally resilient to cyberattacks.
Ethereum rose 4.8 percent to $1,359.23 at 12:42 in London after reaching a record high of $1,417.38 earlier on Wednesday, according to Coindesk.