Bitcoin and Ethereum are cryptocurrencies. They are digital money – based on cryptographic functions that secure the assets, it means when you send and receive some bitcoin or ether, you are getting the real deal and it’s not a copy. This changes the world, it is absolutely revolutionary. The ability to have a safe, non-hackable, ledger of all the accounts on the platform means you can have an international bank that runs by itself. Meaning no corporate greed, no government takeovers, complete decentralization. This is the beauty and appeal behind cryptocurrencies like bitcoin and Ethereum.
Joseph Lubin is the CEO for ConsenSys, the company behind the Ethereum Foundation. Joseph Lubin isn’t just your traditional Princeton Graduation who worked for Goldman-Sachs, he got pulled into the blockchain sector and never looked back. Lubin was one of the few to help Vitalik create and refine the code for Ethereum. In 2014 he created ConsenSys where it has grown to one of the largest blockchain companies on the planet.
But now Joseph Lubin is doing something different, he’s approaching governments. In recent news, the Ethereum Foundation has been working with the UAE (United Arab Emirates) to bring the Ethereum Blockchain to Dubai. The relationship has led to ConsenSys working on other projects with the Emirate, many of which aren’t public information yet, says Lubin.
“We are [in the process of] building out our new d3- based office in Dubai, in two months or so.”
So what does this mean for Ethereum? The CEO has started a partnership with Dubai that has never been seen before, Dubai has even appointed a Blockchain City Advisor of Dubai under the Dubai Blockchain Strategy. The Dubai Blockchain Strategy is a new push to get the city of Dubai working together with the blockchain. An example of this would be electric car charging stations that are connected to the ethereum blockchain to handle payments. Is Elon Musk working with Dubai and the EEA to have Tesla and Ethereum working together?
This could be big news for Ethereum users. Having an entire city – one of the richest in the world – interacting with the blockchain in unique ways is a solid gold mine. The marketing awareness from the project would be enough to increase the price two-fold.
What will we see in the next few months are a massive push for Ethereum applications. We will see more governments, cities, and industries using Ethereum and the Ethereum blockchain to handle a lot of their internal services.
If the Dubai city project is a huge success, then we can expect Dubai to start shifting its assets from real oil….to digital oil, aka Ethereum.