Ethereum founder compares virtual reality to the Internet in 1994

Joseph Lubin, co-founder of Ethereum and CEO of cryptographic software giant ConsenSys, is confident that in the long run, metaverse and the Web3 industry will become an integral part of everyday life.

In an interview with Decrypt, Lubin admitted that despite the interest of various technology companies in metaverse, this industry has not yet gained the status of an accessible space that functions smoothly for its users. Existing metaverse projects may be imperfect due to flaws, poor graphics, and technical problems. However, Lyubin is confident that in the future virtual reality will become a full-fledged version of the Internet and will provide the maximum immersion effect in the digital environment. Lyubin believes that metaverse will become as commonplace as email, but it is still a long way off.

«Today's metaverse is like the Internet in 1994. It’s when you connect to it, go out for breakfast and coffee, and when you come back, your email is still loading. Now the user experience in Web3 is not very attractive, but soon a lot of people will enter this industry,» the ConsenSys executive predicts.

Mr. Lubin suggested that developers' attempts to create a high-quality metaverse at once may not bring the desired result the first time. However, platforms that facilitate the creation of the effect of presence in a virtual environment are already appearing, and this, according to Lyubin, is encouraging.

We recently reported that the size of the blockchain of the flagship cryptocurrency bitcoin has approached 500 GB for the first time in 14 years. Last weekend, researchers recorded the size of the BTC network at 432 GB. As for the Ethereum blockchain, its size has reached 495 GB, overtaking bitcoin.