Ethereum Will Be 1,000 More Scalable in 18-24 Months: Joseph Lubin

Ethereum co-founder Joseph Lubin believes the Ethereum (ETH) platform, which is the world’s second largest cryptocurrency network, will become around 1,000x more scalable within the next 18 to 24 months.

According to Lubin, the Ethereum blockchain will be able to handle 1,000x more transactions during a given time period - after the set of upgrades associated with Ethereum 2.0 have been activated.

New Ethereum Clients Being Developed

Lubin, whose comments came during an interview with Cointelegraph on May 11th, 2019, said that the Ethereum 2.0 updates, also referred to as Serenity, have been divided into four different phases. At present, there are eight research and development (R&D) teams that are working on building new Ethereum clients, which will be used when Ethereum 2.0 goes live.

Commenting on Ethereum’s ongoing development, Lubin remarked: 

In a [few] months, we should have a fully operational testnet and possibly, by the end of this year, we’ll have a fully operational phase 0 Ethereum 2.0.

The founder of Ethereum development studio, ConsenSys, mentioned that the blockchain network’s developers are working on various approaches which involve connecting the old Ethereum chain to the upgraded, or latest, chain.

Upcoming Upgrades Have Undergone Extensive Testing

According to Lubin, Ether tokens will be transferred from the existing Ethereum chain to the newer one (after Ethereum 2.0 activation) and that “there may be bidirectional mechanisms” used during the process.

Going on to address concerns related to network security (among other issues), when Ethereum transitions to proof-of-stake (PoS)-based consensus, Lubin noted that the planned PoS update has been subjected to extensive research and testing.

Currently, Ethereum’s developers are also working on integrating private transactions (as an option), Lubin revealed.

Ethereum PoS Testnet Now Available

On May 7th, 2019, Preston Van Loon, the co-founder of Prysmatic Labs (an organization focused on scaling the Ethereum protocol with sharding and PoS), confirmed that Ethereum 2.0 will feature significant improvements in security.

Preston also noted that Ethereum’s testnet is now publicly accessible and that there’s also a website, which provides guidance and detailed instructions on how users may stake their coins or tokens on the newly launched network.

However, recent reports indicate that staking, after Ethereum 2.0 related upgrades have been activated, will not yield significant profits.

As suggested in a proposal by Ethereum co-founder, Vitalik Buterin, transaction validators on the smart contract platform may receive 5% interest (per annum) on a minimum deposit of 32 ETH (appr. $6,173 at current prices). However, Ether miners may only earn around $41, or a 0.8% return on investment - after factoring in the costs of purchasing hardware equipment and electricity costs.

Opera Launches Blockchain, Cryptocurrency-Ready Browser for iOS

Opera Ltd., the company behind the Opera browser, has recently launched a new blockchain and cryptocurrency-ready browser for iOS, following the company’s addition of a built-in cryptocurrency wallet to its Android and PC browsers.

According to a press release shared with CryptoGlobe, the company’s Opera Touch browser for iOS features “crypto wallet integration and Web 3 support,” meaning users can interact with blockchain-based applications through it, as if they were using an extension like MetaMask. The company hinted at the move in March of this year.

The company touts it now offers browsers supporting blockchain-based applications and with a built-in cryptocurrency wallet in various operating systems, including Windows, Mac, Linux, Android, and iOS, allowing users to “seamlessly interact with the next generation of Web 3 applications.”

Currently, the browser only supports ERC-20 tokens, stablecoins, and non-fungible tokens, although the company has revealed earlier this year it’s looking to add support for TRON and multiple other blockchains within a  year.

Charles Hamel, Opera’s head of crypto, stated:

We believe that all modern browsers should integrate a crypto wallet. This will enable new business models to emerge on the web. Opera is the first browser to make using crypto on the Web seamless and easy. Following a strong demand from the crypto-community, we are now making this experience available on iOS.

In the press release the company added it believes the “web of today will be the interface to the decentralized web of tomorrow,” with cryptocurrencies being at its forefront. Along with the iOS release, the company announced it partnered with a decentralized-application (dApp) called Marble.Cards, which allows users to turn unique web pages into collectible cards on the blockchain, each being a non-fungible token.

The Opera touch browser itself has a user interface built to let users use large phone screens with ease, as it shifts the navigation towards the bottom of the screen and adds features that make it easy to share pages across devices.

Opera’s main Android browser is also its cryptocurrency-ready browser for the operating system, and it has made it easier for users to buy cryptocurrencies directly from their mobile phones.