Joseph Lubin Maps Out Why Ethereum Will Be 1,000 Times More Scalable In Two Years From Now
Joseph Lubin Believes Ethereum Will Be 1,000 Times More Scalable In Two Years
Joseph Lubin, the co-founder of Ethereum (ETH) and founder of ConsenSys, explained that Ethereum’s blockchain would become 1,000 times more scalable in 2 years. He said that during a recent interview with Cointelegraph.
Joseph Lubin Believes In Ethereum’s Scalability
During this conversation, Lubin explained that there are different developments that will be improving Ethereum’s scalability to its ecosystem. The Serenity or Ethereum 2.0 upgrade is expected to provide users and developers with better functionalities and a more advanced network.
He mentioned that there are four different phases of this development and that there are different groups developing clients for the new chain.
About this, Lubin commented:
“In a small number of months, we should have a fully operational testnet and possibly, by the end of this year, we will have a fully operational phase 0 Ethereum 2.0”
Additionally, he mentioned that there are different ways in which the new chain could be connected to the old network. Ether (ETH) tokens will also be able to move from one network to the other and there could be deployed bidirectional mechanisms.
In addition to it, Lubin mentioned that the proof-of-stake (PoS) consensus algorithm has been researched and analyzed in depth before taking the decision to implement it. He has also confirmed something that VItalik Buterin hinted a few days ago. Lubin said that they are also working on private transactions that would make the network more private for users.
Preston Van Loon, the co-founder of Prismatic Labs, informed a few days ago that Ethereum 2.0 testnet beacon blockchain is already running and live. Meanwhile, the CEO of Messari explained that the transition to Ethereum 2.0 will not happen until 2021.
Currently, Ethereum is being traded above $200 and it has a market capitalization of $21.55 billion.