Ethereum phase two: Co-founder of Ethereum (ETH), Joseph Lubin, just made a big announcement about the world’s second largest blockchain ecosystem.
He spoke at the Rise conference yesterday in Hong Kong and revealed that the first layer of the Ethereum ecosystem is now complete and phase two should be finalized sometime this year. Lubin states that phase two is where the world should see real scalability from the Ethereum ecosystem.
Ethereum Phase Two
Lubin told the panel discussion facilitators Erik Torenberg and Melissa Guzy:
“We’re moving into a space where Ethereum can serve as the layer one trust system, and built into Ethereum we’ll have hundreds of thousands of transactions in the layer two systems, and we’re going to see that ramified this year.”
The co-founder states that the layer two infrastructure will preserve the first layer. Lubin states that ‘layer one’ will be seen as an underlying trust layer that is secured by the radical decentralization of the core blockchain. This new phase will bring all sorts of new technologies to the first layer such as on-chain and off-chain mechanisms providing greater scalability to the Ethereum platform.
Lubin briefly mentioned Plasma, Ethereum’s on-chain scaling solution, introduced in August by Joseph Poon and Vitalik Buterin. Buterin also discussed Plasma this week, speaking at an Ethereum Conference in Paris.
“The main advantage of this new development is that the amount of data to be downloaded will be reduced significantly,” Buterin told the crowd.
Users of Plasma will not need to download the entire Plasma history but will be required to generate Plasma coins. This will be done by making deposits to the contract, and users will need to track the tokens created in the system.
Buterin is extremely optimistic that this on-chain scaling solution will increase the potential of the blockchain in a major way. For starters, it can be used to protect exchanges from the large hacks that have been plaguing the crypto community and help the scaling efforts on the blockchain. Scalability has been plaguing Ethereum for almost a year, and it seems they may finally have attainable solutions.
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