Blockchain Boss Joseph Lubin Believes Ethereum’s Scalability Has Significantly Increased Already
- Joseph Lubin talks about Ethereum and its scaling issues
- He said that PoS solves many things from the PoW consensus algorithm
Joseph Lubin, the founder of ConsenSys and co-founder of Ethereum (ETH), considers that the second largest digital currency has already scaled significantly. He said this during a conversation with CoinTelegraph that was released a short time ago.
Joseph Lubin Believes Ethereum Was Able To Scale
The conversation with Olivia Capozzalo started about the Etheral Summit that took place last month. The first topic was related to scalability and whether Ethereum can scale or not. Lubin explained that the point that Jing from Plasma Group made regarding Ethereum was not about its ability to scale because the cryptocurrency has already scaled quite significantly.
Plasma Group is working on different solutions for scalability. They can use a new system that would allow Ethereum to scale and process between 15 and 27 transactions per second. At the same time, it is also possible to implement zk-STARKs and also zk-SNARKs.
At the moment, he says that there are tens of thousands of decentralized transactions per second on the Ethereum network. Lubin has also mentioned that the development of Serenity – or Ethereum 2.0 – is divided into four different phases.
There are three major phases that include Phase 0, 1 and 2. There are several developer teams that are building their own clients. That means that in a few months, they should have a fully operational testnet and a fully operational Phase 0 of Ethereum.
Lubin has also talked about Proof-of-Work (PoW) and Proof-of-Stake (PoS). Capozzalo mentioned that Ryan Selkis from Messari was critiquing Proof-of-Stake at the event. Lubin said that Selkis was not fully discounting PoS but he knows that PoW has already been proven. Moreover, he mentioned that they are working in order to implement PoS on the Ethereum network being comfortable about it as they are with PoW.
Lubin has also explained why it is important for Ethereum to move towards Proof-of-Stake. He said that PoW requires very expensive custom hardware, enormous amounts of electricity and it wastes huge amounts of computation. That means that those actors with large funds can have an unfair advantage over those users that have a small GPU or CPU running at home.
About PoS, he commented:
“Proof-of-stake fixes all of that, proof-of-stake trades all that expense for a crypto-economic bond — essentially ether [ETH] — that you put into a smart contract on Ethereum. It burns orders of magnitude, less electricity, so you'll be able to run it on your pad or phone at some point pretty soon, or some jewelry at some point in the not-too-distant future.”
Lubin said that PoS does not wast a lot of computation and it has very low barriers to entry. Additionally, it is probabilistic in terms of how much users decided to invest in it. This makes the system more secure and fairer.
The last topic discussed with Lubin is related to enterprise and public blockchains. Mr. Lubin said that they do a huge amount of work in their solutions group and they were able to build several enterprise blockchains in the past, including banks, companies, and consortia. He said that there are not several use cases for public blockchains appropriate for enterprise use cases and solutions.
Finally, he stated that they are solving privacy and confidentiality by using private networks that can be linked to the public Ethereum blockchain. Some of the previously mentioned protocols can help provide these solutions.