Joseph Lubin Says Insiders Are Very Optimistic About ETH2 

Ethereum in the Enterprise Asia Pacific conference 2020 is a virtual event that gathered top business leaders, technologies, and industry experts from the enterprise blockchain space who are interested in exploring the leading Ethereum applications, technical insights, references implementations, and enterprise business use cases. The event was set to cover different topics such as scaling Ethereum in Asia Pacific, technological intersections with Ethereum, and the shift to layer 2, with speakers from different regions and organizations.

During the conference that started on Dec. 3, Joseph Lubin, the ConsenSys founder and Ethereum contributor made his predictions that Eth2 will devour Ethereum in the not so distant future. Lubin claimed that people in the know around the ecosystem are very optimistic about how fast things could unfold since the complicated work on Eth2 had already been done in launching Phase 0.

Eth2 Effects On Ethereum

The Eth2 roll-out was believed to be happening in strictly well-organized phases and Lubin emphasized that other features of the roll out are proceeding in parallel. This was meant to specify that the upgrades to the protocol may be unrolled much sooner than many onlookers are expecting. He said that Eth2 was very likely to get a tremendous amount of data in the form of shards and also to move a lot of the important functionality from Ethereum 1 to Ethereum 2.0, and to also see Ethereum 2.0 absorb Ethereum 1 in the near future.

Lubin’s prediction is that Eth2’s next phase will be online in nine or twelve months. He said that the coming increase in amount of data availability will ensure layer-two networks massively increase the amount of transactions per second throughput they can offer to users.

Consensys Exciting Features

According to Lubin, ConsenSys has been working on cutting edge CBDC and payment projects recently by partnering with different central banks such as the Hong Kong Monetary Authority, the Bank of Thailand and the Reserve Bank of Australia. He added that one of the main use cases of the platform is cross-border payments since the analogous banking networks and the whole infrastructure is creaky, expensive and slow.

ConsenSys has built architectures that can handle close to 20,000 transactions per second on Ethereum-based networks. Lubin said that they were discussing the possibilities of making this architecture available to some major payment providers due to the exciting nature of retail payments. He closed by adding that some of ConsenSys’ technologies are being used in a hybrid commercial central bank application.

Image courtesy of pixabaypixabay

Edwin Kinoti

Edwin Kinoti

Edwin is a naturally curious person with a deep interest in blockchain, finance and new tech, fields which he dedicates his time to researching and documenting.

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