Ethereum 2.0 vs Ethereum 1.0 – Explained By Joseph Lubin.

While speaking at the Ethereum in the Enterprise – Asia Pacific 2020 conference on 3rd Dec., ConsenSys founder and Ethereum contributor, Joseph Lubin, assumed that Eth2 will devour Ethereum in “the not too distant future.”

“People within the know around the ecosystem are very optimistic about how briskly things could unfold as the really complicated work has been wiped out launching Phase 0,” he added.

While the Eth2 roll-out was believed to be occurring in strictly regimented ‘phases,’ Lubin emphasized that the other aspects of Eth2’s roll-out are “proceeding in parallel” – meaning upgrades to the protocol may come much prior many onlookers are expecting:

“It is very likely will get an incredible amount of data available within the form of shards, & move lots the important functionality from Ethereum 1 to Ethereum 2.0, and essentially see Ethereum 2.0 absorb Ethereum 1 in the not too distant future.”

Lubin predicted that Eth2’s next phase will come online between 9 to 12 months from now. He asserted the approaching increase within the amount of data available will permit Layer 2 networks to “massively increase the number of transactions per second throughput that they will offer.”

“Essentially Ethereum 2.0 represents a huge hike in scalability, so we’re already achieving tremendous scalability with layer 2 networks.”

Lubin also added that ConsenSys has recently been performing on “cutting edge” CBDC and payments projects in collaborations with various central banks, along with the Hong Kong Monetary Authority, Bank of Thailand, and therefore the Reserve Bank of Australia.

“One of the main important use cases is cross-border payments as the corresponding banking networks and just that whole infrastructure is basically creaky and expensive and slow,” he explained.

“Retail payments is incredibly exciting. ConsenSys has built architectures which can indeed handle nearly 20k transactions per second on an Ethereum-based network.”

“We are in discussions to form that available to some major payment providers, and a few of our technologies [are] getting used within a hybrid commercial central bank app,” he explained.

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