Switching to Ethereum 2.0 may be faster than expected

Joseph Lubin: Switching to Ethereum 2.0 may be faster than expected

The upgrade of Ethereum could run in parallel after the completion of Phase 0, which would accelerate the transition.

At the “Ethereum in the Enterprise – Asia Pacific 2020” conference on December 3, ConsenSys founder Josephy Lubin predicted that Eth2 and Bitcoin Rush will now absorb Ethereum in the not too distant future”.

“The people in the ecosystem who know about it are very optimistic that everything can happen very quickly now because the really complicated part has been done with phase 0”, as Lubin says.

Ethereum could come much sooner

While at first it was always said that the switch to Ethereum 2.0 would take place in separate “phases”, Lubin now states that all further steps could “run in parallel”. This would mean that the long-awaited upgrade of Ethereum could come much sooner than many had expected:

“It is very likely that we will receive large amounts of data in the form of shards and that many important functions will be moved from Ethereum 1 to Ethereum 2.0. Ethereum 2.0 will absorb Ethereum 1 in the not too distant future.

Lubin believes that the next phase of Eth2 could be connected within the next 9 to 12 months. The dramatically increasing availability of data could ensure that the so-called layer 2 networks “could significantly increase the number of transactions per second”.

“Ethereum 2.0 creates a massive improvement in scalability, and we are already seeing significantly better scalability for layer 2 networks”.

Lubin also stated at the conference that ConsenSys is working with various central banks on digital currencies and payment projects, including, for example, the Hong Kong Monetary Authority, as well as the central banks of Thailand and Australia.

“One of the most important areas of application is cross-border payments, where the networks of the participating banks and the entire payment infrastructure are very slow and costly,” he said.

“Retail payments are an interesting field. ConsenSys has developed an architecture that can handle 20,000 transactions per second on an Ethereum-based network”.

“We are in talks with some major payment service providers who want to use this technology, and some of our technologies are already being used by central banks,” Lubin concludes.