In a video published by the YouTube handle of Web Summit on 8th November, Joseph Lubin, a Co-founder of Ethereum delivered a talk addressing the upside potential of Web 3.0. Here, the Consensys CEO spoke about decentralization, throwing light on how the feature eliminates top-down hierarchical operation and promotes equal say of everyone involved.
According to Lubin, decentralization is the primary organizing characteristic of Web 3.0. Furthermore, he stated that the concept of decentralization arose over the recent years due to the backlash in many operating structures. This includes the operating structure of the financial world as well as the loss of trust and centralization in government institutions and suchlike. He added:
“Centralized top-down control may have served humanity well when communication and decision-making were slow and expensive but now we have global instant communications. We can make decisions together within 15 seconds on the Ethereum blockchain, even if up to half of the actors on the network are malicious.”
He mentioned that this makes decentralization an organizing principle viable for all sorts of systems.
The CEO also stated that ConsenSys is exploring ways to decentralize work. The company is doing this by employing the resources to ensure that the ecosystem growth comes from the collective mindset of the community, not just from within the company. Lubin also named the initiatives the blockchain firm has taken to solve the purpose of decentralization – Kauri, Gitcoin and Bounties.
Kauri is a platform for shared technical documents aggregating knowledge from across the ecosystem on a single platform. Meanwhile, Gitcoin and Bounties Network allow for outsourced work, both developer-focused and non-technical to expand the ability to work beyond the walls of the company, stated Lubin. In his words:
“Together these platforms are enabling us and others to get more work done better and faster. They enable dynamic workforce assembly, which enables us to have smaller, more focused teams and bring more global, often specialized talent into our projects.”
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