The recent price collapse of cryptocurrencies across the board does not mean future growth is impossible, Ethereum co-founder and ConsenSys CEO Joseph Lubin has said.
Speaking to Bloomberg, he called the extraordinary rise in value for cryptos over the past year a ‘bubble’, and said that the ecosystem is now even stronger.
“We build more fundamental infrastructure, we see a correction, and the potential gets even more impressive,” Lubin said. “I absolutely expect that there is a strong correlation between the rise in price and the growth of fundamental infrastructure in the ecosystem and the growth of development in the ecosystem. We are probably two orders of magnitude bigger as a developer community than we were eight or 10 months ago.”
Last week, the price of ETC rose by over 12 per cent, while other cryptocurrencies including Bitcoin dropped. It is thought this had something to do with the official announcement that users could invest in Ethereum Classic on Robinhood Crypto.
In contrast, this week ETH dropped to it’s lowest value since late last year, and is currently sitting at $287.81.
“This is what it feels like to be living in exponential times,” Lubin added.
Back in June, co-founder Vitaluk Buterin claimed that the Ethereum network would eventually be capable of processing more than a million transactions per second.
He said: “If you have a Sharding solution, the Sharding solution itself might increase the scalability of Ethereum by a factor of 100, or eventually even more. But then, if you do Plasma on top of the scalability solution, then what that means is, you’re not just doing 100 times of the amount of activity but you are doing 100 times the amount of entrances, the amount of exits, and despite resolutions.”