Co-Founder Joseph Lubin: 'Ethereum Entering Phase 2'

Since the inception of CryptoKitties, the Ethereum network has become infamous for its pitfalls in scalability.

With second layer solutions underway, Ethereum co-founder Joseph Lubin confirmed that 'Phase 2' development is in progress.

On July 10, 2018, Joseph Lubin participated in a panel discussion at RISE - Asia's largest Tech conference with over 15,000 attendees - to divulge the next steps for Ethereum's network development.

Ethereum will become a base layer for decentralized applications built on its second-layer sidechains, allowing dApps to maintain the Ethereum protocol's security while operating independently to avoid network congestion.

Vitalik Buterin: Plans to Reach 1 Million TPS. In early June, Vitalik Buterin confirmed in an OmiseGO AMA that the Ethereum testnet was experimenting with plasma and sharding as second-layer solutions to scalability.

Is a scaling solution that uses shards, or micro-chains, to process separate types of transactions on the Ethereum.

Plasma adds a second layer of off-chain branches to the Ethereum main chain in order to process high-volume smart contract protocols more quickly, updating the base layer only when transactions are complete.

In the OmiseGO AMA, Buterin described the impact of emerging scaling solutions on the Ethereum.

Together, the two scaling solutions can compound the network's TPS by 100x each while retaining security on the Ethereum.

Following 'Phase 2' of development, more complex and sophisticated projects - including decentralized exchanges and prediction markets - will be able to operate seamlessly on the Ethereum network.