Joseph Lublin, the co-founder of Ethereum has clarified to journalists from cointelegraph, that the ETH network will be 1000 times more scalable than it is now.
Due to a new development that the team is working on, called Serenity, aka Ethereum 2.0. The co-founder of the #2 cryptocurrency platform has assured the audience that a whole new phase in the blockchain is about to occur within the timeframe of 2 years.
According to Lublin, the development plan is divided into 4 phases, the first of which, the team is starting to work on now.
What is Serenity?
Ethereum 2.0, can be classified as a revamped version of the current Ethereum ecosystem. The PoS (Proof of Stake) notion has been completely updated by the company, ensuring that there are no “game-breaking” bugs in the future and that the system flows without and dams.
Lublin also mentioned that current ether token holders need not worry about the transition to the new system. He clearly outlined the team’s plan to make a smooth and fast transition of coins.
Covering the whole scale of Serenity is very hard as both Lublin and Buterin have put their fair share of ideas into the new platform. Overall what can be said is that the scalability is going to increase, which means that a lot more transactions will be able to be processed at the same time. This, in turn, will ensure a faster and more fluid network and also introduce new changes to systems such as PoS, eSWASM, and sharding.
But blockchain being as hard as it is to develop. Building such a massive empire on top of it is no small feat. That’s why Lublin has restricted the operation peak in 18 or 24 months. Regardless of what happens to the crypto market in that time, the addition of Ethereum 2.0 is sure to bring in more institutional players into the fold.