While cryptocurrencies such as ethereum and others have many groundbreaking and life-changing potentials, the issue of scalability remains a pain in nether regions for crypto enthusiasts.
However, co-founder of the Ethereum blockchain project, Joseph Lubin has revealed that Ethereum’s scalability problems will be over this year as the network moves into “phase two.”
The highly reputable Canadian entrepreneur and founder of ConsenSys blockchain project disclosed the good news during his speech at the Rise conference in Hong Kong today.
“we’re moving into a space where Ethereum can serve as the layer one trust system, and built into Ethereum we’ll have hundreds of thousands of transactions in the layer two systems and we’re going to see that ramified this year,” Lubin said.
Lubin also reiterated that the impending ‘layer two’ infrastructure would make it easy for new projects to be added to the decentralized ‘layer one,’ making the network less congested, yet highly secure.
The ConsenSys chief explained that the new improvement would be quite helpful just like the Plasma Ethereum on-chain scaling solution created by co-founder Vitalik Buterin and Joseph Poon.
Better Days Ahead
While 2017 was an excellent year for bitcoin, altcoins and initial coin offerings, with quite many institutional investors such as the Chicago Board Options Exchange (CBOE), Chicago Mercantile Exchange (CME) and a vast array of individuals getting on the cryptocurrency bandwagon, crypto enthusiasts in the cryptosphere believe that 2018 still has more to offer.
“If 2017 was the year of the [initial] coin offering (ICO), then 2018 is for the building and delivery of products,” said Torenburg a panelist at the Rise blockchain conference.
At a time when many observers have compared the blockchain revolution to the internet revolution that started several years ago, Lubin noted that the distributed ledger technology is much faster and disruptive as its impact is already being felt in various industries including the global finance sector, identity management amongst other ecosystems.
Amenable Regulation Good for Cryptos
Unlike 2017, 2018 has been a year of crypto regulations, with several world governments drafting laws to govern their digital currency space.
Lubin opined that amenable regulations are welcomed, as they would help in sanitizing the cryptospace.
“We [do] need regulators to help us clean up the industry,” he concluded.