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What is the future of Ethereum? Vitalik Buterin and Joe Lubin discuss it

  • Sharding will allow the Ethereum network to reach a higher level of scalability, starting with Ethereum 2.0.
  • According to Joseph Lubin, Lubin, the founder of ConsenSys, companies will begin to use the public Ethereum blockchain for certain processes.

At the ETHLondonUK conference Vitalik Buterin and Joe Lubin spoke about the future of Ethereum. The co-founders of Ethereum discussed some of the most crucial topics for the ecosystem today: sharding, he use of the public network for the DeFi sector and the adoption of the platform into the mainstream.

Sharding and the future of Ethereum

Vitalik Buterin referred to the first point and the need to increase the scalability of the platform as it reaches its maximum capacity. To prevent this from happening and the platform becoming more expensive and slower, Ethereum will introduce sharding as part of the transition to Ethereum 2.0.

According to Buterin, sharding is a first layer scalability solution that uses micro chains to validate different transactions on the Ethereum blockchain. In this way, it is not necessary for all nodes on the blockchain to verify transactions; instead, a group of nodes can do this independently. Buterin reported on the various stages that the Ethereum will go through in the transition to Eth 2.0 and said that the market launch is imminent. Accordingly, there will be a test network with several clients before the launch of phase 0. Buterin was optimistic about this phase and said that it is close to launch:

From there the network will become more sharded and increasingly scalable.

On the other hand, Joe Lubin talked about the growth of the Ethereum ecosystem in the corporate sector. Lubin, the founder of ConsenSys, said that companies are beginning to use the public blockchain for certain processes. The co-founder of Ethereum believes that companies will use public and private networks in the future, with a tendency to use the former. This is because companies will prefer to have “valuable assets” (tokens, bonds, among others) on an open and decentralized platform:

We see the technology becoming mainstream at some point soon. We see private permissioned networks continuing to exist. I like the idea of ‘use case sufficient decentralization’ where it is sufficient and I also expected lots of permission systems. There already are permissionless systems. They will all probably move mainnet or layer 2 that connects the mainnet.

Lubin went on to explain that private networks formed by companies can rely on public networks. This will depend, according to Lubin, on the progress made by Ethereum to improve the privacy, confidentiality and usability of the platform. Lubin added:

We anticipate that lots of private networks will link laterally to one another.

A few days ago ConsenSys, Microsoft and Ernst & Young presented the Baseline Protocol. The project is a great contribution to the point made by Lubin. The protocol aims to create a middleware solution for large companies to exchange data privately through the public Ethereum blockchain.

Below you will find the discussion of Vitalik Buterin and Joe Lubin at the ETHLondonUK:

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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