During the Ethereum Enterprise-Asia Pacific 2020 Conference on December 3, ConsenSys founder and Ethereum shareholder Joseph Lupine predicted that Ethereum would consume Ethereum in the “near future”.
“People who are familiar with the ecosystem are very optimistic about the speed at which things can unfold, as there has already been hard work underway to launch Phase 0,” he said.
While Eth2 deployments are believed to occur in highly-regulated “stages”, Lubben emphasized that other aspects of Eth2 publishing “continue in parallel,” meaning that protocol updates can happen much faster than many viewers expect:
“It will likely have a large amount of data available in the form of entries, in addition to moving most of the important functions from Ethereum 1 to Ethereum 2.0, and basically seeing that Ethereum 2.0 will absorb Ethereum 1 in not also the distant future …”
Lubben expected the next phase of Eth2 to be released within nine to 12 months. The upcoming increase in the amount of data available will enable Level 2 networks to “significantly increase the number of transactions they can provide per second,” he said.
“Essentially, Ethereum 2.0 represents a significant increase in scalability, so we’re already achieving massive gateway scalability.”
Lubben also noted that ConsenSys has recently “developed” CBDC and payment projects in cooperation with several central banks, including the Hong Kong Monetary Authority, the Bank of Thailand and the Reserve Bank of Australia.
He said, “One of the most important usage issues is cross-border payments because the banking networks involved, especially the entire infrastructure, are very expensive and slow.”
“Retail payments are very exciting. ConsenSys has built infrastructure that can handle approximately 20,000 transactions per second on an Ethereum-based network.”
He added, “We are in talks to make them available for some major payment systems, and some of our technology [in use] in the CBC hybrid app.”