On 15 September in tel Aviv summit Ethereal Summit. It is a series of conferences in which leading companies in the field of blockchain establish communication and cooperation. Among the guest speakers of the conference were the creators of Ethereum’s Joseph Lubin and acne Buterin.
They commented on the progress updates of your project (the Ethereum 2.0) and possible cooperation with Facebook in the project of the digital currency Libra.
The Ethereum 2.0 will allow for multiple transactions, while preserving the quality decentralization and high reliability. It combines such important projects as PoS, sharding and eWSAM.
According to Buterin, the new network should implement the “tens of thousands of transactions per second”. He expressed confidence that the launch of Ethereum 2.0 will take place on 3 January 2020, and promised that the new network will be operationally compatible with the applications created on the original blockchain. Buterin, in particular, said:
“[The Ethereum 2.0] is an updated version of an old vision. This is a “sandbox” in which people will be able to experience something new and see how it works. Changed the tools we use”.
According to Buterin, “everything is in the final stage, with the exception of characteristics that will appear on the stage of security audits”. He added:
“Now customers communicate. The next step is to ensure that they could support a public network in the desired scale. We’re talking hundreds of thousands (potentially) of validators performing a huge number of transactions.”
Further, the Creator of Ethereum responded to critics who believe that the reward for validators in the network Ethereum 2.0 will be too low to ensure operation of the network. Buterin said:
“In this aspect, there are numerous misconceptions. Someone says about 1%. In fact, the maximum fee will be 1.7% per year only in the case that literally everyone will participate. If the number of validators will be less, the reward rate will increase slightly”.
Also during the summit Buterin gave an interview to Globes, which commented on Libra. First of all, he explained why he believes the current structure Libra credible in terms of security. According to Buterin, Libra has no means of protecting users ‘ privacy. Moreover, it does not provide sufficient scalability. Storage of users ‘ funds in Depository wallets – and also not the best idea. He added:
“In such a situation it is always possible that a certain company will create a wallet, not carrying out such a process, and there are people who will use it to launder money.”
Moreover, Buterin believes projects such as Libra “Wake-up call for governments.” He said
“In my opinion, the Libra project and its analogs serve as a Wake-up call for governments who understand that if they don’t provide the revision of technologies of its sovereign currency, they will have a competitor. That is why we are now witnessing a growing interest in the creation of the state of digital currencies”.
At the same time, overall Buterin appreciated the initiative Facebook. He believes that the Ethereum and Facebook should cooperate. Vitalik says:
“There are people seeking to create Libra Litecoin running on the Ethereum blockchain. I think we should lend a helping hand to systems which are more decentralized than we would like”.
Ethereum co-founder Joseph Lubin Foundation shares this point of view. During the Ethereal Summit, he said:
“We are discussing this issue. Libra can be operationally compatible with Ethereum, if there is a viable connection purses. But I don’t think Libra is a competitor to Ethereum as a decentralized financial system. This project can become a great mechanism for integration”.