Serenity to make Ethereum 1,000 times more scalable, says Joseph Lubin
Blockchain

Serenity to make Ethereum 1,000 times more scalable, says Joseph Lubin

Serenity to make Ethereum 1,000 times more scalable, says Joseph Lubin

Ethereum co-founder Joseph Lubin believes that the second most popular blockchain network will become significantly more scalable in the next 18 to 24 months.

Ethereum 2.0

In a May 11 interview with industry website Cointelegraph, Lubin said that the release of Ethereum 2.0, also known as Serenity, would make Ethereum about a 1,000 times more scalable.

Ethereum’s Serenity upgrade is expected to bring many changes to the network in order to make it much faster and better. The system upgrade is poised to create a new chain introducing features, such as sharding and Layer 2 solutions similar to Bitcoin’s Lightning Network, as well as switch to Proof of Stake algorithm. On Saturday, Lubin, who is currently chief executive officer of blockchain software technology company ConsenSys, said that development was divided into four phases, with eight groups already developing clients for the new chain. He added:

“In a small number of months, we should have a fully operational testnet and possibly, by the end of this year we’ll have a fully operational phase 0 Ethereum 2.0.”

Lubin told Cointelegraph that there were multiple ways in which the new chain could be connected to the old one and the Ether tokens would be able to move from the old chain to the new one. He also said that there might be “bidirectional mechanisms”. With regards to Proof of Stake, Lubin assured that the algorithm had been thoroughly researched before the teams started working on its implementation.

Ether tops $200 in weekend trading

Ether performed strongly in large parts of the weekend, mirroring its larger crypto peer Bitcoin (BTC). Having opened at $173.14, the coin rose to a near six-month high of $203.47, before finishing the day at $194.30. The coin topped $200 once again on Sunday morning, but quickly returned to sub-$200 levels amid a strong market correction.

In today’s trading, the Ether price stood at $189.70, as of 12:26 BST. The digital coin has lost 0.9% of its value in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. Its total market capitalisation currently stands at $20.1 billion.

Featured image: Inked Pixels / Shutterstock.com

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