Joseph Lubin, the Co-Founder of Ethereum [ETH], in a recent interview spoke about the conceptual difference between centralization and decentralization and gave users a sneak peek into the cogs of the Ethereum network.
Lubin elaborated on the fact that centralized servers provided a false sense of outdated security because users are so used to the archaic architecture. Decentralized systems, according to the Co-founder gave users a chance to build a multitude of applications on the protocol layers. He then spoke about the challenges involved in building a ‘remarkable machine’ and how the entire system seemed like a Proof of Concept machine for a long time.
He went on to say that the network created by blockchain visionaries laid down the foundation on which a variety of concepts were built upon. This ranges from fungible and non-fungible tokens, bounty platforms, music platforms, parameterized insurance products and a myriad of other decentralized applications [dApps].
Furthermore, he added that the concept of decentralization will allow a lot of companies to be built around it and the next five years will see an explosion of blockchain applications. He said that gaming systems will take a massive leap, quoting the specific example of CryptoKitties which has seen a mainstream adoption in the cryptocurrency world.
To a question about how the network value is driven by the market cap of the specific toke, Lubin commented that the term ‘value’ depends on the consensus architecture. He added that better the consensus architecture, more the value. The Co-Founder then went on to give his two cents on a timeline that will see the meaningful adoption of blockchain technology and cryptocurrencies. He stated that the decentralized architecture will support a whole lot of dApps with the evolution of several applications already in the pipeline.
Lubin informed users that a lot of work is being put into what he calls ‘layer two tasks’, saying that over 20 different projects are being undertaken right now. Layer 2, according to Lubin, involves building on the Ethereum network’s Plasma fork. Plasma is a solution released by Ethereum’s Co-Founder Vitalik Buterin and Bitcoin’s Lightning Network Co-Author Joseph Poon which scales the Ethereum network by eliminating unnecessary data from transactions and optimizing smart contracts.
The Ethereum official brought in the analogy of scaling up as keeping a tab open at the multiple bars. This diversion of funds makes the process of scaling up expensive and slow, stated Lubin. He also added that there are other ways capital can be used and envisions a capital free channel which will not involve any stress in the development environment.
Joseph Lubin also assured users that the problem of scalability will be solved, albeit slowly and steadily. He stated that the process will be completed after the release of different iterations of the network architecture.