The Blockchain of Ethereum (ETH) Is Currently In the Second Phase of Its Development, Says the Co-Founder of Ethereum (ETH) – Joseph Lubin

Speaking at the RISE conference that took place in Hong Kong, the co-founder of Ethereum (ETH) – Joseph Lubin, said that the blockchain of Ethereum just entered the second phase of its development, after the launch of the most complex decentralized application on its protocol.

The RISE conference which held in Hong Kong was attended by over fifteen thousand people, and it is the largest tech conference in Asia.

The Aim of the Development

Ethereum’s open-source developer community is led by protuberant developers such as Vitalik Buterin (the founder of Ethereum), and they have been focusing on the development of double-layer (layer-two) solutions – Sharding and Plasma, which when put together, have the potential to increase the capacity of the blockchain network of Ethereum to 1,000,000 transactions per second.

At the conference, Lubin said that in the near future, the main chain of Ethereum blockchain protocol will be used as a trusted system and double-layer networks will mostly be in charge of processing massive amounts of data. Solutions such as Plasma and Sharding leverage the layer-one security of Ethereum to process information in a secure and highly efficient manner.

Because Plasma functions as a multiple chain protocol with minor blockchain networks while processing little settlements as a micropayments channel at the same time, the integration of both Sharding and Plasma are expected to give rise to an ecosystem where Dapps can operate and be deployed without any scalability issue.

As the single-layer blockchain protocol of Ethereum (ETH) advances in security and the double-layer solutions offer scalability, sophisticated decentralized applications and complex projects that need a huge amount of data processing capacity to operate – such as stock markets, prediction markets, and decentralized exchanges – will be able to operate and perform effortlessly.

This will definitely attract more investors the digital currency, increase its adoption as well as its value in the near future.

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