Joseph Lubin: Ethereum 2.0 will eliminate professional hardware that wastes resources and significantly reduce user barriers

While most cryptocurrency ecosystems have begun to upgrade their blockchain services to improve their token use cases, Ethereum co-founder and ConsenSys founder Joseph Lubin shares the Ethereum in the Fintech Beat podcast The 2.0 ecosystem and where it will be in the existing financial system. He first pointed out that

“Ethereum 2.0 is just bringing greater capacity to the Ethereum platform. Ethereum 1.0 doesn't have the privacy and confidentiality we want to see, nor does it have the scalability we need to take full advantage of the system.”


Image source:

Rubin also stressed that upgrading Ethereum 2.0 is "an opportunity to greatly increase the scalability and number of transactions per second in the system." In addition, the entrepreneur also believes that the Prosperity Proof (PoS) mechanism does not directly address scalability issues, “although it does help us (the Ethereum ecosystem) to address scalability issues.”

He clarified that

“Bitcoin and the Ethereum network both use the Proof of Work (PoS). Ethereum will soon turn to Ethereum 2.0, and Ethereum will be transformed into PoS. Therefore, we replaced all waste and dedicated hardware with an economic ties.”

In-depth discussion of the details, Rubin explained how users use ETH to mortgage or bind smart contracts on the Ethereum platform, which allows them to “receive from the agreement to complete the verification of the transaction and verification area on the Ethereum 2.0 network”. Block work."

In addition, Rubin claims that this process is more effective because the barriers used by the general public in such systems will be greatly reduced.