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Ethereum [ETH] blockchain enters phase two of development

Anoushka Shrestha



Ethereum [ETH] blockchain enters phase two of development- AMBCrypto
Source: Unsplash

Joseph Lubin, co-founder of Ethereum, announced in the RISE conference held in Hong Kong, that the Ethereum blockchain has now entered the second phase of its development.

Joseph Lubin's post on Twitter | Source: Twitter

RISE’s post on Twitter | Source: Twitter

The Ethereum Foundation has spoken about their focus on the development of solutions like Plasma and Sharding recently. These developments are aimed at increasing the capacity of the Ethereum blockchain network to up to one million transactions per second.

Joseph Lubin addressed this saying that emphasis is being laid on the Ethereum blockchain protocol’s main chain that is to be employed as a trust system. These two-layer networks will primarily focus on the heavy load of processing large amounts of data.

Lubin said:

“Ethereum is moving into a space where it 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.”

Much like Bitcoin’s Lighting Network, Plasma scaling solution is a technique through which off-chain transactions can be conducted. It operates as a multi-chain protocol with a network of minor blockchains, while simultaneously processing small payments. The integration of Sharding and Plasma is aimed at creating an ecosystem that allows decentralized applications [dApp] to function without the issue of scalability.

On 9th July, Augur, a decentralized platform built on the Ethereum blockchain, launched their smart contracts on the Ethereum mainnet. This project was the result of years of development, with the smart contract protocol having taken longer than any other project that exists today.

Joey Krug, Pantera’s co-manager addressed Augur’s development in May, saying:

“Augur’s about 10 times more complex than the second most complicated Ethereum project, makerdao, which as about 10 contracts vs. Augur’s 100.”

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Anoushka is a full-time journalist at AMBCrypto, passionate about writing with a degree in B.A. Combined Humanities. She holds no value in cryptocurrencies currently.