Ethereum Co-Creator Says ETH Layer 1 Built Trust, Layer 2 Scaling Transactions Coming
Ethereum co-founder Joseph Lubin said that the Ethereum blockchain has entered phase two of its development. This statement came following the launch of the most complicated Dapp on its protocol at the largest technology conference in Asia, RISE.
RISE is produced by the team behind Web Summit. In 6 short years, Web Summit has become Europe’s largest tech conference which last year attracted 60,000 attendees from 170+ countries around the world.
The open-source developer community of Ethereum led by prominent developers like Vitalik Buterin has been focusing on the development of layer-two solutions Plasma and Sharding, which combined have the potential to increase the capacity of the Ethereum blockchain network to one million transactions per second.
At a discussion panel at the conference, Lubin emphasized that in the near future, the Ethereum blockchain protocol’s main chain will be utilized as a trust system and layer-two networks will mostly handle the heavy load of processing large amounts of data.
“[Ethereum is moving] into space where it can serve as the layer one trust system, and built into Ethereum we’ll have hundreds of thousands of transactions in the layer two systems and we’re going to see that ramified this year.”
Solutions like Sharding and Plasma leverage the security of Ethereum’s layer one protocol to securely process information in a highly efficient manner. As a result of Plasma operating as a multichain protocol with a network of minor blockchains while processing small payments as a micropayments channel simultaneously, the integration of the two solutions are expected to create an ecosystem wherein any decentralized application (dApp) can be deployed and operate without facing scalability issues.