Joseph Lubin: ‘Prime Time’ ETH 2.0 Will Increase Scalability by 1000x

Consensys and Ethereum co-founder, Joseph Lubin, has lauded the upcoming version of the Ethereum mainnet as the “next generation” of what has turned out to be a “global operating system.”

Lubin shared his thoughts about Ethereum 2.0 in a recent interview with John Lothian, discussing among other things, the upgraded version of Ethereum, and the recently launched Ether-based futures contracts for the U.S Market by ErisX Digital. 

According to the co-founder, the earliest version of Ethereum which has been running for a few years has already “become very important for a few different [lower hanging fruits markets],” with the decentralized finance [DeFi] space standing out as salient. 

However, he believes that since ETH 1.0 represented the first phase of the decentralization of the world wide web, the continued transformation of the IT industry has created the need for advanced “systems that will enable producers and consumers of digital commodities to share their different risks.”

Lubin then mentioned that ETH 2.0 is set to take a system that is already used by a “different industries and enterprises” despite its fewer scaling solutions, to an entirely different level. 

“Ethereum 2.0 is the move to prime time in terms of scalability. It will increase scalability for smart contracts on Ethereum by a 1000-fold initially,” he enthused on the subject of how beneficial the new version of Ethereum will be to the entire ecosystem. 

The Consensys founder also noted an increase in the number of enterprises, institutions, small startups, coming to mainnet public Ethereum where Ether (ETH) is necessary to pay for transactions. 

Putting the growing adoption of Ether into perspective, Joseph Lubin expressed the conviction that making that token available on regulated exchanges especially for individuals is ‘necessary,’ going forward.

He further spoke favorably of the Ether-based futures contracts launched by ErisX, since it will provide an opportunity for enterprises and individuals in the Ethereum ecosystem to hedge against price action, in the same way, they can other commodities.