Vitalik Buterin and Joe Lubin think that Ethereum will expand in 2020; become more private and secure; and used by businesses.
Vitalik Buterin (left) and Joe Lubin (right)
Vitalik Buterin – co-founder of Ethereum and Joe Lubin – founder of ConsenSys discussed the future of Ethereum in 2020 at ETHLondonUK. The main issues mentioned are that Ethereum will scale up, become more private and DeFi is the space to watch.
Buterin said that the new technologies would help expand the Ethereum network, which has been affected by network delays and near congestion. At maximum capacity, the network will slow down and become more expensive. That prevents companies from building it.
Buterin estimates that sharding technology will expand the network “between a hundred and a few hundred.” Sharding divides the network into smaller sections, called shards, each of which can process thousands of transactions. This technology is still in development stage, but may be implemented as early as this year. He said the number could increase if people use other scaling technologies, such as the optimistic Plasma and Uniswap developments that combine multiple transactions into one.
Buterin also said that the Ethereum ecosystem will have “enhanced privacy” next year. “Certainly the need to not want all activities to be made public is increasing,” he told the audience and cited Tornado Cash allowing users to conduct private ETH transactions.
Given recent issues related to flash loans, where people exploit oracle prices to make money, Buterin thinks it needs to do more work for decentralized oracle, which is a source of information in a way that doesn't. trustworthy and decentralized. At the same time, other work on “different types of oracle designs” should also be done to make them “safer and more decentralized.”
Lubin, who runs one of the largest development centers for enterprise blockchain products, talked about the future of business on Ethereum.
He sees decentralized finance (DeFi) as something incredible and says that “once we work and really work, it will be the magnet that attracts the rest of the smart world.” through new business models or heritage businesses. Basically, DeFi will become a decentralized global economy. " Decentralized finance often refers to products such as loans, investments, and insurance, as well as decentralized exchanges that run on blockchain. Although still a small space, DeFi has grown. The proof is that last month, it surpassed the $ 1 billion mark. "
Lubin also thinks that large and medium-sized companies will start conducting important business activities on the public blockchain. Just a few days earlier, Lubin's company, ConsenSys announced with Microsoft and EY a new protocol that allows organizations to interact with each other, share information, link business processes, and do all that. That with complete security on the Ethereum blockchain.
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