ConsenSys founder Joe Lubin is one of the most well-known proponents of Enterprise Ethereum. When he appeared at the SXSW Interactive in Austin today, he ensured that he talked in great detail about the future of Ethereum and its evolving dynamics. Lubin talked on ZigZag podcast’s Manoush Zomorodi as the Blockchain & Cryptocurrency track debuted at the event, featuring the leading tech pioneers and tech pioneers in the industry.
Working for a Better Crypto Infrastructure
Before the talks began, SXSW defined ConsenSys as a company that isn’t satisfied with the status quo and invests in promising startups. The company summed up Lubin’s talk at the Hilton in Austin, Texas in their latest blog. Lubin is quoted saying that the company operates in as much decentralized way as possible. He noted that as life is speeding up dramatically, a company with a deep hierarchy will be complicated to operate. Hence, flatter and more decentralized structures are needed.
Lubin also said that ConsenSys is making a new tool to facilitate this strategy like OpenLaw, Sobol and Utopia. He called 2017 “pretty extreme, out of control, even” in terms of digital tokens, pointing out a large number of bad and fraudulent projects along with many good projects. He said that the Ethereum project was responsible for people launching tokens in a big way. Now, even as the market has changed, good tokens are still being launched, and the company will launch 4 to 5 tokens this year.
Ethereum’s Future in the Next 5 Years
Expressing positive thoughts about blockchain becoming a significant part of the world, adding that by the time blockchain fully matures in 10 to 15 years, the $80 trillion worth economy would swell 10x its current size. He also said that blockchain allows people to build collaboratively instead of competitively.
However, for an Enterprise Ethereum company like ConsenSys, scaling is a major issue. Ethereum network can currently process 14 to 27 transactions per second on the base trust layer, which is not enough to run a global IT infrastructure. Signaling the launch of Ethereum 2.0, he said:
“Layer 2 scalability is here already, and it’s making blockchain very useful. In Layer 2 over the next 18–24 months, we’ll probably have millions of transactions per second.”
He revealed that 8 teams are working on 4 different phases of Ethereum 2.0 and their testnet should be up and running in 4 months. The Ethereum base layer will expand at 1000x in just 2 years.