The RISE conference that was held in Hong Kong was a great chance for Ethereum to publish
its latest news. In a hall that was packed with people and an event that was visited by more than 15,000 attendees, the Ethereum co-founder Joseph Lubin was announcing the latest news for the second largest cryptocurrency on the market.
As Lubin said, the Ethereum blockchain has entered phase two of its development, following the launch of the most complicated app on its protocol. According to previous reports, the open-source developer community of Ethereum that was led by prominent developers like Vitalik Buterin has been focusing on the development of layer-two solutions such as Plasma and Sharding. Combined, these two have the potential to increase the capacity of the Ethereum network to 1 million transactions per second.
Lubin also emphasized that in the near future, the Ethereum blockchain protocol’s main chain will be utilized as a trust system and layer-two networks which will mostly handle the heavy load of processing large amounts of data.
As he said:
“[Ethereum is moving] into a space where it can serve as the layer one trust system, and built into Ethereum we’ll have hundreds of thousands of transactions in the layer two systems and we’re going to see that ramified this year.”
The solutions such as Sharding and Plasma are designed to leverage the security of Ethereum’s layer one protocol and securely process information in a highly efficient manner.
The Launch Of Augur On Ethereum’s Blockchain Protocol
In other news, the launch of the decentralized prediction market platform Augur also took place. The founder of Augur, Joey Krug, described this project as the most complicated decentralized application.
Earlier this year, Krug described Augur in a couple of sentences, saying:
“Augur’s about 10x more complex than the second most complicated ethereum project, makerdao, which has about 10 contracts vs augur’s 100 [complexity isn’t a good thing, and the augur team has tried to make it as simple as possible, it’s just a really complicated endeavor].”
The layer one blockchain protocol of Ethereum is currently known for improving security and layer two solutions – and providing scalability, complex projects and sophisticated dApps that require significant amounts of data processing capacities.
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