Joseph Lubin on Ethereum 2.0: ETH to Become 1,000 Times More Scalable Within 24 Months

Ethereum (ETH) co-founder Joseph Lubin said that the Ethereum blockchain will become about 1,000 times more scalable in 18 to 24 months. Lubin made his remarks during an interview with Cointelegraph on May 11.

Lubin specified that the development which will bring such a drastic scalability increase to the ecosystem will be Ethereum 2.0, also called Serenity. He explained that the development is divided into four phases and that eight groups are already developing clients for the new chain. Lubin also promised:

“In a small number of months, we should have a fully operational testnet and possibly, by the end of this year we’ll have a fully operational phase 0 Ethereum 2.0.”

Lubin explained that there are multiple ways in which the new chain could be connected with the old one, noting that ether tokens will be able to move from the old chain to the new one and that “there may be bidirectional mechanisms.”

Lubin also addressed concerns over proof-of-stake (PoS), stating that it has been thoroughly researched to assure its viability before the teams started working on its implementation. He said that new features are being added to the chain to make it compatible with more use cases, citing private transactions as an example.

As Cointelegraph reported earlier last week, the CEO of crypto analytics firm Messari had predicted that the Ethereum 2.0 transition will not take place until 2021.

Preston Van Loon, co-founder of sharding development firm Prysmatic Labs, also announced last week that an Ethereum 2.0 testnet beacon blockchain is now live.