The co-founder of Ethereum and ConsenSys, Joseph Lubin recently shared about some projects ConsenSys is working on, scalability issues, his current relationship with Ethereum & Vitalik Buterin, and ConsenSys strategy in China in an interview at TechCrunch Disrupt SF.
ConsenSys strategy in China
In the interview with CCN, Joseph Lubin shared that they have concrete plans for Hong Kong. He said, “I don’t know if you were aware but in Xiongan, we signed an agreement in this special economic in China near Beijing to sort of take the pressure off Beijing for the next few decades. We had a press conference a little while ago, sign an agreement with them to essentially drive some thought.”
When he was asked of any Chinese projects joined the ConsenSys group till now, he responded with no, adding that they have spoken to a few and hopes that they’ll be joining soon. This is mainly because they’ll be able to hire people there. “Currently, we can’t legally hire there, but we’re getting very close to being able to do that,” he added.
Current relationship with Ethereum & Vitalik Buterin
While discussing about his relationship with Ethereum and Vitalik Buterin, he said, “We have hot debates all the way through.” Further explaining their relation with Ethereum Foundation, he mentioned, “[The relationship is] still very warm… Well, it wasn’t warm for a little while. There was a previous executive director that didn’t enable great interaction between our company and the Ethereum Foundation, whereas the Ethereum Foundation is much more open now and much more collaborative.” He added, “They’re publishing everything and although the core developer meetings have been in public forever after the first year or so. We have people at those meetings all the time.”
Lubin shared about the scalability issues and said, “We need to change and the truth of the matter is the current system is over-secured.” He believes that they need more scalable architectures in terms of a number of transactions carried out per second. To explain if further, he takes the example of Facebook, “On the internet, we’ve gotten to millions of transactions per second for certain kinds of shared database architectures such as Facebook. But we don’t have trust, Mark performs lots of experiments on us. We can’t really stop that and we don’t really know exactly what they’re doing.”
Lubin explains that on the layer one Ethereum, millions of transactions per second were just thrown away and were replaced with 20 transactions per second, but now, with a trustworthy foundation, they can rebuild scalability. “As we move from phase one in this ecosystem to phase two, we’re seeing layer two technologies that enable hundreds or thousands of transactions per second, they’re not as decentralized as layer one Ethereum,” he added. “Proof of Stake and Sharding of layer one is where we get scalability built into layer one. We’re still going to have layer two solutions, we’re still going to need them.”
Image via YouTube
Join our Telegram group