Ether Co-Founder Talks on Ethereum 2.0 - “it just brings greater capacity to the platform”

Ether Co-Founder Talks on Ethereum 2.0 - “it just brings greater capacity to the platform”

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Following on from an article we did earlier today titled, “Ethereum Co-Founder Talks on Libra - “Variations Should Exist””, where we dissected an interview with Joseph Lubin, co-founder of Ethereum and founder of ConsenSys, on the Fintech Beat podcast. That article was in regards to Libra but now, we’re going to look at the otherwise of the article where Lubin discussed Ethereum 2.0…

Greater Things

Sharing details around the ecosystem for Ethereum 2.0, Lubin explained how it may place itself within the current financial system. He started by noting:

“Ethereum 2.0 just brings greater capacity to the Ethereum platform. Ethereum 1.0 doesn’t have the privacy and the confidentiality that we would like to see it have and it doesn’t have the scalability that we need in order to make more use of the system.”

Lubin also went onto say that an upgrade to Ethereum 2.0 stands as an opportunity to “drastically increase scalability and the number of transactions per second in the system.”

Furthermore, Lubin agreed that the firm’s new wave proof of stake platform does not have any direct solve scalability problems, however, “it does facilitate us (Ethereum ecosystem) in solving the scalability issue.” He stated:

“Bitcoin and the Ethereum network both make use of proof of work, and Ethereum is about to move to a Ethereum 2.0, which transitions to proof of stake. So, instead of all of that waste and specialized hardware, we replace that with an economic bond.”

When talking about the specifics Lubin explained how users can leverage Ethereum to stake or bond smart contracts on the platform, which allows them “to receive compensation from the protocol for doing the work of validating transactions and validating blocks on the Ethereum 2.0 network.”

You can watch the full podcast here.

It will be interesting to see how Ethereum 2.0 plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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