moving into Phase Two of ETH Blockchain ‘This Year’

Ethereum’s Co-founder, Joseph Lubin revealed that with the fundamental “layer one” in the Ethereum ecosystem is established now, 2018 will see “layer two” systems ramify and develop completely. He was delivering a speech at the Rise conference in Hong Kong Tuesday, July 10.

Recently in a panel discussion with Village Global’s Erik Torenberg and Arbor Ventures’ Melissa Guzy, the Ethereum Foundation’s co-founder Lubin said,

‘We’re moving into a space where Ethereum 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.”

He discussed his vision- “The infrastructure ‘layer two’ for the blockchain ecosystem would preserve ‘layer one’- an underlying ‘trust layer’ secured by the radical decentralization of the core blockchain. To this first layer, new technologies can be added with various on-, side-, or off- chain mechanisms enabling greater scalability.”

The co-panelist Torenburg agreed with him and stated “if 2017 was the year of the [initial coin offering] ICO, then 2018 is for the building and delivery of products.”

He further explained his vision of the inference of the upcoming space, taking into consideration what blockchain offers a “natively digital world” of interaction in trustless contexts that he believes is now set to “ramify in virtually every industry.”

See also: BitGo adds 57 Ethereum Tokens: Largest-Ever Custody Service Expansion

Lubin added that the viewpoint taken by the U.S. Securities and Exchange Commission (SEC)’s Bill Hinman, who, according to Lubin has identified that – “as distinct from securities – consumer utility tokens may offer a whole new model for delivering services and products to consumers – a networked business model held together by [digital] tokens.”

He further said that the global context of ICOs can worsen “information asymmetry” and the potential for fraud. “we [do] need regulators to help us clean up the industry.” For enjoying a healthy space for crypto trading, self-regulatory initiatives are critical. Everyone in the panel agreed with Lubin’s statement.

Image via Shutterstock

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