ConsenSys Founder: Further Ethereum 2.0 Deployment Could Go Very Fast
The founder of the Ethereum studio ConsenSys Joseph Lubin spoke at the Asia Pacific 2020 conference on December 3, where he stated that Eth2 will absorb the existing cryptocurrency network “in the not too distant future.”.
“People with knowledge of the situation around the ecosystem are very optimistic about how quickly things can turn around because the really hard work was done during the phase 0 launch phase,” he said..
Lubin noted that several aspects of Eth2 are being developed in parallel. This, he said, will achieve results much faster than observers can expect..
“It is very likely that data availability will dramatically improve thanks to shards, important functionality from Ethereum 1 will be carried over to Ethereum 2.0. In fact, Ethereum 2.0 will absorb Ethereum 1 in the not too distant future, ”he said..
The head of ConsenSys expects the launch of the next phase of Ethereum 2.0 to happen in 9 to 12 months. The increased availability of data, he said, will allow second-tier networks to “massively increase the volume of transactions per second.” “Basically, Ethereum 2.0 provides a massive increase in scalability. We are already achieving outstanding scalability with Layer 2 networks, ”he added..
Lubin also said that ConsenSys has recently been working on cutting edge projects in central bank digital currencies and payments. Several central banks have participated, including the Monetary Authority of Singapore, the Bank of Thailand and the Reserve Bank of Australia..
“One of the biggest application scenarios is cross-border payments, because the respective banking networks and the entire infrastructure is really worn out, costly and slow. Retail payments are exciting. ConsenSys has built infrastructures that are capable of processing about 20,000 transactions per second using an Ethereum-based network. We are in negotiations to make these solutions available to major payment providers. Some of our technologies are used in hybrid applications of commercial and central banks, ”he added..
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