Joe Lubin Provides Updates On Ethereum 2.0

By Rishma Banerjee

Joe Lubin, Ethereum’s co-founder, founder of Consensys and an expert in the world of crypto attended a SXSW conference in Austin Texas on March 14, 2018. He says that the crypto and blockchain technologies are meant to be come the standard for the world. He also provides updates on the development of Ethereum 2.0

He also said that it was possible that in the next 10 to 20 years, the market for cryptocurrencies will have grown at least ten times than what it is and that blockchain technologies will be used and will influence much of the traditional businesses.

He also noted that even today blockchain technologies are nascent, and software developments are barely discovering the full potential that DLTs have to offer. He compared this to the internet boom.  

Lubin also grabbed this opportunity to elaborate about the impact of Ethereum 2.0. The upgrade will allow them to place Ethereum at an entirely different level with regards to scalability, usability, and efficiency.

He said,

“In Bitcoin and currently in Ethereum, you need to have specialized hardware, burn lots of electricity, waste lots of computation, to basically keep everybody in sync. We’ll have a blockchain system much more powerful and scalable that uses orders of magnitude less energy.”

That being said, it must be noted that a definite date for it’s implementation has not been fixed yet. Ethereum 2.0 is a phased project, which has been going on for quite some time. They have already completed the first stage, after the successful activation of the hard fork known as Constantinople.

The developers’ focus is presently on migrating the PoW algorithm to Proof-of-Stake. In so doing, they hope to eliminate the need to “waste” energy through hardware mining and implement an algorithm that allows blocks to be validated while promoting token savings, which would increase their market value.

The rest of the updates are second layer solutions oriented to increase the transaction processing capacity. According to estimates by Vitalik Buterin, once they develop all these implementations, the Ethereum network could process close to one million TPS.