The two founders talk about Ethereum: expansion is the number one priority, and more enterprises will use Ethereum in the future

Decrypt reported on March 8th that Ethereum founder Vitalik Buterin and Consensys founder Joe Lubin expressed their views on the development of Ethereum in 2020 at the ETHLondonUK conference. They believe that Ethereum will be further expanded in 2020, becoming more privacy and security, and will also be used by enterprises. In addition, DeFi (Decentralized Finance) will also become a very interesting area.

The two founders talk about Ethereum: expansion is the top priority, and it will be used by more companies in the future

(Image source: Decrpyt)

Buterin said that the new technology will help expand the size of the Ethereum network. Earlier, the Ethereum network had been plagued by the decline in network speed, and was close to the brink of collapse. When the capacity of the Ethereum network reaches its maximum, the speed of the entire network will slow down, and it will also become very expensive. This will prevent Ethereum from continuing its development on this basis.

However, it is estimated that the sharding technology will expand the scale of the Ethereum network "hundreds of times". Sharding divides the network into smaller shards, and each shard can handle thousands of transactions. The technology is currently under development and is expected to be implemented this year. Buterin said that if we can also take advantage of other scalable technologies, such as Optimistic Rollup, which can "roll up" multiple transactions into one, then the size of the Ethereum network may increase further.

Buterin also said that the Ethereum ecosystem will "increase privacy attributes" next year. He told the audience:

There is no doubt that people have realized that there is no need to publicly link all activities with other activities.

He mentioned Tornado Cash, an app that allows users to make private transactions on Ethereum.

When it comes to the recent "lightning loan" problem on Ethereum, that is, hackers use the vulnerability of Oracle (oracle, a contract on Ethereum) to make money, Buterin believes that more needs to be done on decentralized Oracle the study. Decentralized Oracle obtains information in a detrusted and decentralized manner. He said the development team should "design different types of Oracle" to make it "safer and more decentralized."

Lubin is the head of the largest development company developing enterprise blockchain products, and he talked about the future of enterprises using Ethereum.

He sees decentralized finance as "shocking" and he says:

Once we solve the expansion of Ethereum and make it really work, it will become a huge magnet. It will eventually build a centralized global economy by attracting new global business models and even traditional businesses.

Decentralized finance generally refers to products such as loans, investments, and insurance that operate on the blockchain, as well as decentralized cryptocurrency exchanges. DeFi is still a small area, but it is growing, and just last month, DeFi broke the $ 1 billion mark.

Lubin also believes that large and medium-sized enterprises will begin to carry out important businesses on the public chain platform. Just a few days ago, Lubin's company and Microsoft and Ernst & Young announced a new protocol baseline that allows organizations to interact with other organizations on the Ethereum blockchain, share information, and interoperate in business processes. And complete all work in complete confidentiality.

This article has been authorized for translation by DecryptMedia.com .