Bitcoin Global News (BGN)
July 10, 2018 -- ADVFN Crypto NewsWire -- Ethereum’s value has
been falling for the better part of this year.
Even so, the light might finally be
at the end of the tunnel, at least, according to Joe Lubin of ConsenSys, who also helped found the Ethereum
network.
Today in Hong Kong, at a conference
for emerging industries and their products called Rise, Lubin announced that he sees 2018 as the year of
“two layer” Blockchain platforms.
Inside of this explanation, he
attempted to make clear what this should mean for the Ethereum
network. Overall, to promote further scalability and therefore also
further usage at the Enterprise level, the end of 2018 will mean
the beginning of Ethereum being a multi-layer network.
Once this is true, the second layer
will be where the transactions are done, which one can think of as
a large-scale example of what the Lightning network is
currently doing for Bitcoin.
When this connection is taken into
account, the second layer could also be said to be the necessary
step to keep the Ethereum network from being outpaced by newer,
similar, faster platforms like Zilliqa wants to
be.
When this shift occurs, Ethereum’s
first layer or, in other words, the state in which the network
exists now, will then serve as what is called the network’s “trust
layer.”
In the context of a Blockchain
network, this means that the first layer will still be the Ethereum
chain as it currently exists, though its primary purpose will
change to proving that everything on the network can be trusted.
This would include all transactions as well as all other activities
that occur on the second layer.
According to Lubin, none of this
will be possible, however, without new mechanisms including certain
off-chain solutions, which will apparently facilitate the growth of
the network. At this time, only one specific example seems to have
been released by any source on exactly what these solutions
are.
Reportedly, this example is a
solution called Plasma, which was built for the express purpose of
facilitating the further scaling of the Ethereum platform. The
kicker is that it was developed by the very people who have been
pushing multi-layer Blockchain networks from the
start, Vitalik
Buterin and Joseph Poon.
Once we reach the end of the year,
we just might be able to see if these multi-layer networks truly
catch on.
By: BGN Editorial Staff
News:
Ethereum
(ETH)
Cryptocurrency