ETH Blockchain to move into phase two this year

    2018/07/10 14:58 Sarah lv Created with Sketch.

During the Rise conference in Hong Kong, Ethereum’s co-founder, Joseph Lubin stated that 2018 will mark the development of their second phase in the Ethereum (ETH) ecosystem.


Lubin indicated that their principle “layer” has been established and is paving the way for their advancement. During a panel with Erik Torenberg of Village Global and Melissa Guzy of Arbor Ventures, Lubin stated that the progression of their blockchain system into their second phase is “where we will see real scalability,” he continues,

“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.”

While development of phase two will take precedence, modern technologies will be integrated into its underlying “trust layer” as they progress with a multiple of on-, side-, or off-chain operations that will address scalability issues.

Lubin also stated that there is a distinct “information asymmetry” that allows for fraudulent activity to run rampant among globally, ever-growing Initial Coin Offerings (ICOs). He continues to state that the crypto community needs clearer more adequate managers and regulators to “clean up the industry,” also indicating that self-regulatory measures must also be taken to advance the field.

    Adapted from: CoinTime Executive editor: Sarah
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