30s Summary

Joseph Lubin, Ethereum and Consensys founder, has unveiled a new project named Network State. The initiative, aimed at expressing individual sovereignty, is anticipated to initiate a shift in the global decentralized Web3 and AI world economy. However, Lubin criticized regulatory bodies such as the SEC for stunting the growth of crypto companies. Network State resulted from the concept of “network states,” where online communities strive for political independence. The project will run on Linea, a Consensys-developed platform enabling users to define their sovereignty types, leading to more robust and sustainable communities.

Full Article

Joseph Lubin, the mastermind behind Ethereum and Consensys, has introduced a fresh project called Network State. This new venture allows people to express their “personal sovereignty,” or independent identity.

Lubin declared online that a major global shift is coming and he plans to ignite a Network State within the upcoming decentralized Web3 and AI world economy through this endeavor. He further remarked that crypto businesses have been in a tough situation, feeling hesitant and unable to do things that should be standard for Web3 companies because of constant fear and uncertainty triggered by regulatory bodies like the SEC.

Speaking at the Ethereum Devcon in Bangkok, Lubin claimed the industry had been living in a gas-lit reality, orchestrated by the SEC, for quite some time. He expressed how challenging it was for a tech ecosystem to function with regulatory hindrances which seemed to be a strategic attempt to slow down the growth of the crypto industry.

Lubin launched the Network State project on a platform called Linea, which was developed by Consensys. The platform empowers users to define the types of sovereignty that are important to them, aiming to create stronger, fairer, and more sustainable communities. Lubin notes that this is just the beginning, and everyone is still figuring out what self-sovereignty means for them and their communities. He predicts a future where much of our lives will be lived ‘on-chain’, with our finances, identities, art, and more being managed by open networks and decentralized systems.

Network State seems to build upon the idea of “network states” – a concept where online communities form physical ones and look for political independence – as envisioned by fellow Ethereum co-founder, Vitalik Buterin. Notably, on Nov. 13, Consensys kickstarted the development and governance of Linea by launching a new nonprofit association in Switzerland.