Lubin: ETH Scalability to Significantly Grow over Next Two Years
The co-founder of Ethereum, Joe Lubin has claimed that ETH will start making some serious gains when it comes to scalability over the next few years.
Lubin spoke in an interview with CoinTelegraph where he stated that the ETH scalability, will be improved one thousand-fold over the next two years. Lubin noted that the Ethereum 2.0 update, codenamed Serenity, will be the key focus for the improvement to scalability.
And so despite the growing space that is a cryptocurrency, the majority of top coin projects like Ethereum and Bitcoin still suffer from an inability to scale to levels that are needed for mainstream adoption.
“ETH, in particular, is facing an issue of handling the load of mercantile transactions, in addition to other network features such as smart contracts and DApp developments. Ethereum 2.0 seeks to solve the issue of scalability–among a number of proposed solutions–by switching the currency from its historic Proof of Work algorithm to Proof of Stake.”
Through staking, the currency will utilise the resources of users pledging ‘staked’ coins in order to improve the user experience and efficiency of the overall ETH network.
The co-founder went on to give further updates on the development timeline for Ethereum 2.0. He shared his thoughts that the project will have an operational testnet over the next few months, with phase 0 launching before the turn of the year.
“In a small number of months, we should have a fully operational testnet and possibly, by the end of this year we’ll have a fully operational phase 0 Ethereum 2.0.”
Lubins time table for Ethereum 2.0 stands in stark contrast to comments that the CEO of Messari, Ryan Selkis said. He claimed last week that the update would take a lot longer than what Lubin is predicting.
In fact, he even said that Ethereum 2.0 wouldn’t be fully up and running until 2021 at the earliest.
“I don’t expect Proof of Stake and Ethereum 2.0 to happen before the end of 2021 at the earliest.”