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Ethereum blockchain moving into "phase two", says co-founder Joe Lubin

10 Jul, 2018
by David Robb
News
Ethereum blockchain moving into phase two, says co-founder Joe Lubin

Ethereum's blockchain is moving into phase two sometime this year, according to co-founder Joe Lubin. He made the comments during a speech at this year's Rise conference, being held in Hong Kong. 

According to Lubin, the fundamental layer one of the blockchain has now been well established. This means that layer two systems can now become more mature, with various on-, side-, or off- chain mechanisms enabling greater scalability. 

During a panel discussion with Village Global’s Erik Torenberg and Arbor Ventures’ Melissa Guzy, Lubin said the company is 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."

Lubin gave the example of Plasma, which is an on-chain scaling solution for Ethereum. This was introduced back in August 2017 by Vitalik Buterin and Joseph Poon, creator of Bitcoin’s own Lightning Network, which could also be thought of as a "layer two" solution.

Torenberg agreed that this year would be a transitional one: "if 2017 was the year of the [initial coin offering] ICO, then 2018 is for the building and delivery of products."

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