Ethereum co-founder, Joseph Lubin made a statement in his interview with Cointelegraph concerning Enthereum growth. He said Ethereum blockchain would become 1,000 times more scalable in a period of 18 to 24 months.
This interview was held on the 11th of May with Mr. Lubin speaking on behalf of the second largest crypto network by market capitalization.
What Will Enable Ethereum to Attain this Level of Scalability?
According to the co-founder, ‘Serenity ‘ is the development that will enable Ethereum to attain this level of scalability. This is also known as Ethereum 2.0 and is seen to bring increase to the network.
This development is divided into four phases and eight groups are already developing clients for the chain. He went further to say that there will be a fully operational Testnet in a few months, and fully operational phase 0 Ethereum 2.0.
A report by Preston Van Loon the co-founder of Prysmatic Lab, Ethereum 2.0 is developed as a transition to the existing cryptocurrency. The full transition will move Ethereum away from the current Proof of Work algorithm to a Proof of Stake (POS) blockchain.
It is expected that a number of updates will be tried out in the next sixteen to eighteen month. The development is expected to solve ETH’s scalability issues. This upgrade will make the Ethereum network more secured and decentralized.
It will also enable network users to stake their coins to improve the whole network experience.
What Issues Will be Address by the Upgrade?
The Ethereum 2.0 refers to a series of updates to Ethereum which will enable it to work better and faster. This will address current scaling issues and create a better environment for smart contracts and Dapps.
It will also address issues of mining by changing the way Ethereum is minded and make its network more secure.
Lubin went further to explain that there are different ways new chain can be connected with old ones. This will allow ether tokens to move from the old chain to the new one.