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Joseph Lubin

Joseph Lubin is the founder of ConsenSys and co-founder of Ethereum. He previously worked at Goldman Sachs.

Reviews by Joseph Lubin

All coin and product reviews by expert Joseph Lubin.

  • Joseph Lubin on Bitcoin Founder of ConsenSys

    Full nodes on the Bitcoin blockchain store every transaction made going back to the zero block; full nodes on the Ethereum blockchain additionally store the static code (if any) associated with a given account and that code’s current state in storage.

    Full review 💩


  • Joseph Lubin on Ethereum Founder of ConsenSys

    If a network like Bitcoin or Ethereum has thousands of nodes, we can be confident that these systems are harder to improperly manipulate than nearly any system in human history. We would achieve maximal decentralization of a blockchain network if every person on the planet owned precisely one full node device connected to the network.

    Proof of work systems are vulnerable to reduction in decentralization at the node network level due to costs of hardware and energy, preferential access to optimal hardware, and efficiencies of scale. A well designed proof of stake system will remove these asymmetries, enabling more people to own or control hardware on the network. The barrier to entry will be low enough so that nearly anyone will be able to validate transactions on the Ethereum network and help secure it.

    Casper proof of stake will bring breakthroughs in scalability, while enabling the network to be more decentralized and therefore more secure. Casper on the Ethereum Beacon chain is live on testnets now, and the 8 teams building their own implementations of the protocol should be in sync on a shared testnet within a small number of months.

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  • Joseph Lubin on EOS Founder of ConsenSys

    As has been debated endlessly, a platform controlled by 21 crypto bros is just not all that decentralized. They can collude and censor if they wish. Governments and other well resourced actors can bribe them or force them to act against their will and against the well-being and security of the people using the platform.

    It has been argued that if these block producers start behaving badly, they will be voted out, and that is the main source of decentralization in the system.

    Unfortunately, there is no good way for anyone to detect that they are colluding, or have been corrupted or forced into some sort of improper action. I can imagine EOS being used for some games, but not even for games that have high value tokens. It will be too easy to organize to steal value on this platform.

    Full review 💩


  • Joseph Lubin on Polkadot Founder of ConsenSys

    The Polkadot worldview sees Ethereum connected as a potential “virtual parachain” via a bridge. For any parachain to become attached to the Polkadot relay chain, it must be voted in by the holders of dots — the Polkadot system token. These voters can also choose to pause a parachain or remove a parachain from the system if it is deemed to be out of compliance with what the majority prefers. Effectively, this is a permissioned system, and white listing and blacklisting of entire parachain networks is a core tenet of the governance system of Polkadot.

    One could imagine a parachain choosing to be permissionless and allowing anyone to upload any dapp, but ultimately the DOT holders might take issue with this, as they might be considered by authorities to be responsible, so it would probably be too dangerous a policy for a parachain to offer. It is likely that this will be a permissioned and highly controlled blockchain platform.

    Full review 💩


  • Joseph Lubin on Cosmos Founder of ConsenSys

    Cosmos doesn’t really propose a base trust layer. It seems more focussed on enabling different sovereign platforms to interoperate side-by-side. And it doesn’t appear that there will be much interoperation between platforms in the next few years beyond enabling tokens to move back and forth across network boundaries. The Cosmos team feels that this will be the main and most important interoperation use case.

    I expect Cosmos to have good utility as a layer two solution, linked into the base trust layer when necessary. Cosmos also expects to interoperate with Ethereum through a token bridge.

    Full review 🔑


  • Joseph Lubin on Libra Founder of ConsenSys

    First, some context: I think the#blockchain space benefits from experimentation, including the Libra project. What does not benefit the space is a Facebook-led blockchain project, led in typical Facebook style....

    Mark Zuckerberg talks about Librain terms that are quite familiar (and validating) to the people already building blockchain systems: broadening financial inclusion & fixing a broken financial system.

    How they propose to achieve that with a consortium of a few dozen mega-corporations at the helm is less clear––to say nothing of their own track record with the public’s data and privacy rights, issues many on the Committee similarly raised.

    The Libra story is about dominant technology players trying to shoehorn themselves into what is going to be the future of the internet. Possibly they see the writing on the wall and want to make sure they have a seat at the table when new technologies like blockchain take hold.

    Full review 💩


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