Ethereum is moving to Phase 2

In Lubin’s vision, an elaborated “layer two” infrastructure for the blockchain ecosystem would preserve “layer one” - an underlying “trust layer” secured by the radical decentralization of the core blockchain. New technologies would be added to this first layer, with various on-, side-, or off- chain mechanisms enabling greater scalability.

As an example, Lubin mentioned Plasma, Ethereum’s on-chain scaling solution, which was introduced back in August 2017 by Vitalik Buterin and Joseph Poon - the creator of Bitcoin’s own “layer two” solution, dubbed Lightning Network.

Lubin’s co-panelist Torenburg agreed with the suggestion that this year is one of transition for the blockchain space, adding that “if 2017 was the year of the [initial coin offering] ICO, then 2018 is for the building and delivery of products.” Lubin also offered his wider vision of the implications of the emerging space, considering that blockchain offers a “natively digital world” of interaction in trustless contexts that he believes is now set to “ramify in virtually every industry.” He characterized the blockchain revolution as a move away from “frictional analog contexts” to these natively digital structures, which are already having a transformative impact on the future of “money, identity, reputation and legal certificates,” among other fields.

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