Ethereum co-founder Joseph Lubin believes that the Ethereum (ETH) platform, the world’s second largest cryptocurrency network, will become approximately 1,000x more scalable in the next 18 to 24 months. According to Lubin, the Ethereum blockchain will be able to handle 1,000x more transactions over a given period of time after the associated upgrades.
New Ethereum Clients Being Developed Lubin, whose comments came during an interview with Cointelegraph on May 11, 2019, said the updates to Ethereum 2.0, also known as Serenity, were split into four different phases. There are currently eight R&D teams working on building new Ethereum customers that will be used when Ethereum 2.0 goes live.
Commenting on the ongoing development of Ethereum, Lubin remarked:
“in a few 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. The founder of Ethereum Development Studio, ConsenSys, mentioned that the developers of the blockchain network are working on different approaches involving connecting the old Ethereum chain”
Upcoming Upgrades Have Undergone Extensive Testing According to Lubin, Ether tokens will be transferred from the existing Ethereum chain to the newer chain (after activation of Ethereum 2.0) and that “bidirectional mechanisms” may be used during the process. When Ethereum transitions to proof-of-stake (PoS)-based consent (among other issues) will be addressed.
Currently, developers from Ethereum are also working on (as an option) integrating private transactions, revealed Lubin. Ethereum PoS Testnet Now AvailableOn May 7, 2019, Preston Van Loon, co-founderof Prysmatic Labs (an organization focused on scaling the Ethereum protocol with sharding and PoS), confirmed that Ethereum 2.0 will introduce significant security improvements. Preston also noted that Ethereum’s testnet is now open to the public and that there is also a website that provides guidance and details.
However, recent reports indicate that staking will not yield significant profits after Ethereum 2.0 related upgrades have been activated. As suggested in a proposal by Ethereum co-founder Vitalik Buterin, smart contract platform transaction validators may receive 5 percent interest (per annum) on a minimum deposit of 32 ETH (appr. $6,173 at current prices). Ether miners, however, can earn only around $41, or a return on investment of 0.8 percent-after factoring in the costs of buying hardware equipment and electricity.
Ethereum Would Need 2 Years to Grow Into Full Scale–Co-founder of Ethereum, Joseph Lubin Ethereum co-founder, Joseph Lubin made a statement about Enthereum growth in his interview with Cointelegraph. He said that in 18 to 24 months, Ethereum blockchain would become 1,000 times more scalable. This interview was held on May 11 with Mr. Lubin speaking through market capitalization on behalf of the second largest crypto network.
What will make it possible for Ethereum to achieve this Scalability Level? Serenity’ is the development, according to the co-founder, that will allow Ethereum to reach this level of scalability. This is also referred to as Ethereum 2.0 and is seen to increase the network. This development is divided into four phases and the chain already has eight groups developing customers. He went on to say that in a few months there will be a fully operational Testnet and phase0 Ethereum 2.0 fully operational.