Ethereum Co-Founder Joseph Lubin: Proof of Stake Within Year, Infinite Scalability on Horizon 🚨 This article is 7 years old...
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Ethereum Co-Founder Joseph Lubin: Proof of Stake Within Year, Infinite Scalability on Horizon
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Updated: Nov. 7, 2019 at 2:44 am UTC
Photo by Clément M. on Unsplash
In the face of uncertainty, Ethereum Co-Founder Joseph Lubin reassures the community that proof of stake is near, and that infinite scalability is on the horizon.
The security and scalability of Ethereum is under stress. ASICs challenge the chain’s decentralization, CryptoKitties are testing its throughput, and other projects are intent on usurping Ethereum’s position.
In the April core developer meeting, Vitalik and others discussed expediting the release of Casper, the foundation of Ethereum’s proof of stake protocol, to combat the threat of ASICs. However, no clear timeline for the release was provided. Sentiment from the team made it appear that it could range anywhere from six months to several years.
Ethereum Co-Founder Joseph Lubin provides some clarity into the launch date.
In a March, during the Web Summit conference Lubin asserts that proof of stake will launch within the year:
“In the next year we are going to replace proof of work with the much more efficient proof of stake algorithm.”
For such a monumental change a year is blazing fast development. The change to proof of stake would decentralize network and render Ethereum ASICs obsolete.
Not only that, Lubin also says that infinite scalability is on the horizon:
“Several different Scalability mechanisms such as state channels, Sharding, and Plasma will allow Ethereum to scale infinitely in the next few years.”
The confidence of the core developer team is reassuring in a time where dozens of other projects seek to outpace Ethereum.
If Ethereum wishes to maintain its position as the leader of “web 3.0” then hitting these key development milestones will prove critical.
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Ethereum
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Consensys
Consensys is a venture production studio and custom software development consultancy building decentralized applications (DApps), enterprise solutions and developer tools for blockchain ecosystems, focused primarily on Ethereum..
Joseph Lubin, a Canadian entrepreneur, has made significant strides in the world of blockchain and cryptocurrency.