Ethereum cofounder Joe Lubin is firing back at critics of the second largest cryptocurrency by market capitalization, claiming that ETH is capable of scaling ahead of the 2.0 update.
Lubin, who went on to found ConSensys after contributing heavily to the development of ETH, said in an interview that he believes Ethereum is already capable of scaling.
Critics of Ethereum–and crypto to a larger extent–have found fault with the inability of digital currencies to scale to levels necessary for mainstream adoption. The market crash of 2018 that set off last year’s crypto winter was precipitated by glacial transaction times and high fees for bitcoin, ethereum and other top cryptos. As crypto moves towards the spotlight in 2019, users are beginning to question whether major coin projects are ready for mass adoption.
Ethereum has largely addressed the issue with the creation of their 2.0 update. Among a number of developing features, the currency will shift its algorithm from a Proof of Work system to Proof of Stake, which should allow for more network efficiency and improved ability to scale.
However, Lubin claims that ethereum has already been scaled. In an interview with Cointelegraph, the Ethereum co-founder was asked to comment on eth’s ability to scale and what developments had been made to allow more network usability.
Lubin responded that ethereum has ‘already scaled quite significantly,’ and elaborated on layering technology on top of ethereum’s base transaction ability. Speaking on the development of Plasma, a group that seeks to create such layers for Ethereum while maintaining network trust and operability, Lubin had this to say,
“So, you get high transaction throughput per second, and you get the security of the base layer. And by that I mean, if you have a game and you brought your own network for your game or your exchange or some other application, if they have assets on your system, everybody using your system can be confident that, if you’re incompetent or if you’re corrupt, it doesn’t matter so much.”
By his math and the combination of layering, Lubin estimated that ethereum is already running ‘tens of thousands’ of decentralized transactions per second. However, he did elaborate that the currency would undergo a massive improvement with the ETH 2.0 update being rolled out over the next two years. On that front, Lubin claimed that the base trust layer for eth’s networks would multiply its capacity by about “a thousand times,” making for a platform capable of rivaling Visa or any other on the market.
Lubin also teased milestones and what to expect out of Ethereum 2.0 updates (codenamed Serenity) over the next 18 to 24 months. Specifically, he claimed that the initial phase of the project–Phase 0–is close to completion, with a testnet possibly being launched by the end of the year. With the testnet going live, Lubin claims that Phase 0 will be fully operational, making the update ⅓ of the way through its completion (Phase 1 and Phase 2 are set to follow).