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Joseph Lubin says insiders are ‘very optimistic’ about how fast Eth2 will unfold

Joseph Lubin believes that the development of Eth2 will move faster than anyone expect, forecasting that the new protocol will “absorb” Ethereum in “the not too distant future”.

Speaking during the Ethereum in the Enterprise — Asia Pacific 2020 conference on Dec. 3, ConsenSys founder and Ethereum contributor, Joseph Lubin, predicted that Eth2 will devour Ethereum in “the not too distant future.” “People in the know around the ecosystem are very optimistic about how fast things could unfold as the really complicated work has been done in launching Phase 0,” he said.

Although the Eth2 roll-out was assumed to proceed in strictly regimented ‘phases,’ Lubin stressed that the other elements of Eth2’s roll-out are “proceeding in parallel” — meaning that protocol updates may arrive much quicker than many viewers expect: “It is very likely will get a tremendous amount of data availability in the form of shards, as well as move lots of 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 estimated that the next step of Eth2 will be online between nine and 12 months from now. He argued that the coming growth in the amount of data available would allow Layer 2 networks to “massively increase the amount of transactions per second throughput that they can offer.” “Essentially Ethereum 2.0 represents a massive increase in scalability, so we’re already achieving tremendous scalability with layer 2 networks.”

Lubin also noted that ConsenSys has recently been collaborating on CBDC’s “cutting edge” and payment projects in collaboration with numerous central banks, including the Hong Kong Monetary Authority, the Bank of Thailand and the Reserve Bank of Australia. “One of the major important use cases is cross-border payments because the corresponding banking networks and just that whole infrastructure is really creaky and expensive and slow,” he said.

“Retail payments is incredibly exciting. ConsenSys has built architectures that can handle nearly 20,000 transactions per second on an Ethereum-based network.”

“We are in discussions to make that available to some major payment providers, and some of our technologies [are] being used in a hybrid commercial central bank application,” he added.

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