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As the public mainnet launch of Ethereum (ETH) 2.0 is getting closer, much progress has reportedly been made towards its development.

In a recent interview, the co-founder of Ethereum and Consensys, Joseph Lubin, shared his thoughts on Ethereum 2.0. He touched on issues relating to ETH 1.0 and expressed his opinion that ETH 2.0 would definitely increase scalability.

ETH 1.0: promoting DeFi

Lubin posited that ETH 1.0 depicted the first stage of the decentralization of the world wide web. In its few years of operation, ETH 1.0 has already played important roles in different markets. Among these various markets, the decentralized finance (DeFi) space is standing out as prominent.

According to the Ethereum co-founder, the phenomenal success of ETH 1.0 in promoting DeFi translates into a continuous transformation of the IT industry. This has created the need for advanced systems. Thus, this will enable producers and consumers of digital commodities to share their different risks.

ETH 2.0: to increase scalability

Lubin also mentioned that ETH 2.0 was getting ready to enter a system that “different industries and enterprises” continued to utilize regardless of its fewer scaling solutions on offer. He affirmed that Ethereum 2.0 would start providing scaling solutions on a whole different level.

In his words: “Ethereum 2.0 is the move to prime time in terms of scalability. It will increase scalability for smart contracts on Ethereum by a 1000-fold initially”. This also shows that the new version of Ethereum will be beneficial to the entire ecosystem.

More companies adopt Ethereum

Also worthy of note, the Ethereum co-founder noted an increase in the number of firms, institutions, and enterprises coming to mainnet public Ethereum. In this mainnet, however, users would require ETH to pay for transactions and trading. On the increasing adoption of ETH, Lubin was convinced that making the cryptocurrency available on regulated exchanges was ‘necessary,’ in the long-run.

In this regard, Prysmatic Labs also gave some technical updates.

Prysmatic Labs technical updates

Raul Jordan from Prysmatic Labs released the latest improvement report concerning the mainnet launch of ETH 2.0.

Jordan disclosed that the ETH 2.0 product had chosen the Quantstamp cybersecurity team as its official security auditor. Also, the Ethereum 2.0 community reported that “the Prysmatic Labs Topaz testnet environment validation instrument can co-exist with three nodes of the current Ethereum (ETH) network on one machine”.

There are high hopes regarding Ethereum 2.0 as the public mainnet release is going to take place soon.

Previously, we covered the OKEx Pool announcing to serve as a validator for the ETH 2.0 testnet. And recently, the other Ethereum co-founder, Vitalik Buterin, shared his thoughts on ETH 2.0 staking in a podcast interview.

(Excerpt) Read more Here | 2020-05-15 12:35:00

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