Ethereum co-founder Joseph Lubin said the Ethereum blockchain will become 1000 times more scalable, in the next 18-24 months i.e around two years. Lubin made this statement, in a conversation with news portal, Coin Telegraph.
Lubin explained that this will be made possible with the advent of Ethereum 2.0 called Serenity. He said that the development is divided into four phases and that eight groups are already developing clients for the new chain, the news portal reported. He stated, “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.”
Lubin explained that there are multiple ways in which the old chain can be connected to the old ones stating that ether tokens will be able to move from the old chain to the new one and that “there may be bidirectional mechanisms.”
The co-founder also addressed queries about Proof-of-Stake (PoS) stating that there have been numerous tests to make sure it is viable before implementation.
Last month, Lubin was in the news when he said that he had reservations about EOS’ decentralization. At the time he had said, “Reliance on centralized trust enables certain kind of intermediaries to extract too much value from a transaction… the trust revolution will transform everything. The trust characteristic of blockchain derive from their degree of decentralization. Certain blockchain networks can’t be improperly manipulated, can’t be cheated even if up to half the nodes are malicious.”
The co-founder of Ethereum stated, “There doesn’t actually exist a global, coherent financial system. It is a network of walled gardens. Brokerages that serve their jurisdictions, central depositories for each nation, and banks that handle their business nationally and reach out through their correspondent banking relationships when they need to cross out to another walled garden to complete a transaction.”