Joseph Lubin predicts rapid transition to Ethereum 2.0

The completion of the transition to the second version of the Ethereum protocol could happen faster than most users expect. This was stated by Joseph Lubin, head of ConsenSys and co-founder of the second-largest cryptocurrency by market capitalization, per Cointelegraph.

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“People who are familiar with the inner workings of the ecosystem are very optimistic about ETH2’s deployment timelines. At Phase 0, the developers faced genuinely challenging tasks,” Lubin said.

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The Ethereum co-founder noted that many aspects of the subsequent ETH2 stages are being considered in advance. This does not preclude that the transition to the next phases of the upgrade could proceed faster than many expect.

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“We expect that Ethereum 2.0 will swallow Ethereum 1 in the not-too-distant future,” Lubin said.

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According to his forecast, the event could occur within 9–12 months.

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What is Ethereum 2.0?

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During his speech, the head of ConsenSys confirmed involvement in the development of national digital currencies (CBDCs) in projects with some central banks, including regulators of countries such as Hong Kong, Thailand and Australia.

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“ConsenSys has built an architecture capable of processing almost 20 thousand TPS on an Ethereum-based network. We are discussing its integration into solutions for some major payment providers. Some of our technologies are finding application in central bank projects,” Lubin explained.

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In October, ConsenSys announced a partnership with the technology arm of the French banking giant Societe Generale to test CBDCs.

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