Lubin: Ethereum blockchain moving to phase 2

July 10, 2018
Richard Reed

Ethereum co-founder Joe Lubin says the cryptocurrency is moving into “phase two” of its blockchain system this year, leading to “real scalability”.

ethereum blockchain

Speaking at the Rise conference in Hong Kong, Lubin said the new “layer” would run alongside the existing blockchain structure, which he described as an underlying “trust layer”.

New technologies would then be added to the first layer, according to a report by CoinTelegraph.

Joe Lubin

Ethereum co-founder Joe Lubin

“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,” he said during a panel discussion with Erik Torenberg of Village Global and Melissa Guzy of Arbor Ventures.

Lubin cited as an example Plasma, Ethereum’s on-chain scaling solution, introduced in August 2017 by Vitalik Buterin.

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