By
Temitope Olatunji
April 18th, 2024
Speaking at the Asia Pacific Conference 2020, Lubin hinted that the next phase of the Eth2 may be rolled out in 9-12 months from now.
The upgrade of the Ethereum blockchain to enable the network to process more transactions and to improve on efficiency, speed, and scalability through a project identified as Eth2 has been said to certainly be a success. According to Joseph Lubin, an Ethereum contributor and the founder of ConsenSys, Eth2 will very soon absorb Ethereum 1.0 after revealing that people within the Ethereum network are very optimistic about the success of the upgrade. Speaking at the Asia Pacific Conference 2020, Lubin hinted that the next phase of the Eth2 may be rolled out from 9 to 12 months from now.
Joseph Lubin Talks about Eth2
The Eth2 is primarily an upgrade of the Ethereum 1.0. The main difference between the two lies in the mechanism used. The Eth2 uses a proof of stake mechanism while Ethereum 1.0 uses a proof of work mechanism. The reason for Eth2 is basically to solve scalability problems.
The Ethereum 1.0 could only process 30 transactions within a second causing network congestion and transaction delays. The Eth2 on the other hand can take up to 100,000 transactions per second. Most importantly, the new upgrade will be launched with security in mind. Developers intend to launch the Eth2 in three phases identified to be Phase 0, phase 1, and phase 2. Phase 0 was rolled out on the first day of December this year with the remaining phases expected in the coming year.
Lubin revealed that the remaining phases of the project would be rolled out sooner than expected.
“People in the know around the ecosystem are very optimistic about how fast things could unfold as the complicated work has been done in launching Phase 0,” he said.
Confirming the primary expectation of the project, he stated that they are in the process of using 2 layer networks to come out with massive scalability.
Role of ConsenSys
Talking about ConsenSys, Lubin briefed that they have been actively busy working hand in hand with most of the central banks to come out with the Central Bank Digital Currency (CBDC). Using the Ethereum network, ConsenSys has achieved a lot by developing projects that handle around 20,000 transactions per second according to the founder.
Currently, they are in talks to have their projects at the disposal of some of the main payment providers as well as be utilized in a hybrid commercial central bank application, he revealed.
They are currently working with the likes of the Reserve Bank of Australia, Hong Kong Monetary Authority, and Bank of Thailand to develop payment projects. They currently have their sight on cross-border payments as the whole existing infrastructure has been a problem with slow transaction speed and expensive fees. ConsenSys has been involved in several projects that have to do with blockchain uses and applications.