Joseph Lubin With Ethereum Violence Is A Commodity

Ethereum co-founder Jospeh Lubin. (Photo; Doc. Bitcoin Exchange Guide)

JAKARTA - Ethereum (ETH) is one of the world's leading blockchain platforms, which allows developers to create decentralized applications (dApps) and smart contracts. However, the legal status of the platform's original token, Ether (ETH), is still the subject of debate among regulators and observers.

In a recent interview, Joseph Lubin, co-founder of Ethereum and founder of ConsenSys, dismissed the notion that Ether should be classified as a security, comparing it to commodities such as oil.

Lubin said that Ether is an asset used to pay transaction and computational costs on the Ethereum network, and not as a representation of claims or ownership of certain companies or projects.

Lubin also responded to a lawsuit filed by the New York Attorney General (NYAG) against Kucoin, a cryptocurrency exchange suspected of violating the state's securities and commodity laws. The NYAG office accuses Kucoin of offering token trading that is considered a security measure by regulators, including Ethereum.

Lubin criticized the measure as "irrelevant and baseless friction". Lubin also defended Ethereum's transition from a "employment proof" verification system to "a proof of ownership", which would increase network efficiency and security.

He emphasized that this change would not change Ether's nature as a commodity, because validators who lock their tokens to support the network will not accept claims or rights to the network itself.

Lubin ended his interview by expressing his belief that Ethereum will continue to grow and innovate as the world's leading blockchain platform, by offering various services and solutions for users and developers.

Furthermore, Lubin expressed his optimism about the future of cryptocurrencies in general, saying that they are "one of the most changing technologies the world has ever been," quoted from CryptoGlobe. When asked about the possibility of Ether being classified as a security, he said, "I don't think there's any point in speculating about something that's very unlikely."