Ethereum co-founder Joseph Lubin recently talked about the future of blockchain technology and his opinion on whether Ethereum will exist 10 years from now, or not. While speaking with Entrepreneur First, Lubin stated that the technology can evolve pretty dramatically over various different phases and he believes that right now, it is on phase one.
Lubin goes on to explain, “We are in phase one right now, where these toy systems process every transaction and there are optimisations so they store all data and that’s great for doing a few things but it’s obviously not going to serve society, broadly.”
“We’re moving towards figuring out how we can get enough security on these platforms while also achieving scalability,” he added.
He said that security comes from decentralization or radical decentralization whereas scalability comes from layer 2 solutions. He mentioned that there are already a number of them that have come online and also a bunch of side chain projects that are coming online. It’s a lot of games that are bringing their own layer 2 technology.
He then talks about the plasma technology that’s used for linking side chains into the base layer of Ethereum which can be used in seven or eight different ways for different purposes. It basically confers the trust at the first layer to a more scalable blockchain system at the second layer.
With this, “you can be certain if these people are malicious or if they run away for some reason or if you just want to pull your digital sword out of this game & move it this exchange or to that game, you can do that. And, you can be certain that its check-pointed on layer- 1 Ethereum & you’re in no danger of losing your digital asset. So, that’s phase 2, and phase 3 is sharding” he added.
Will Ethereum exist in 10 years?
Lubin started off by stating that it’s hard to kill a blockchain and hard to kill tokens. So, he believes that Ethereum will continue to be “significant” in the 10 years. According to him, it will very likely keep up at the base layer with scalability that other platforms introduce. Currently, its orders of magnitude are larger anything else and growing exponentially, so, he is certain that it’s going to be hard to kill. He added, “Something called Ethereum will exist in 10 years from now; it will be a very different architecture…Even if all of us leave, somebody would come in and take over Ethereum.”
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