Fast deployment will be essential to Ethereum 2.0's success, ConsenSys founder Joseph Lubin has argued at the Enterprise – Asia Pacific 2020 conference.
Lubin commented on the deployment of Eth2 which is expected to be a game-changer and sort out many pressing problems, including congestion and slower processing speeds.
Thanks to an upgraded protocol the community should see a streamlined network that is back in its stride. Upgrades to the protocol have already begun, Lubin said.
He added: “It is very likely we will get a tremendous amount of data availability in the form of shards, as well as move lots of the important functionality from Ethereum 1 to Ethereum 2.0, and essentially see Ethereum 2.0 absorb Ethereum 1 in the not too distant future.”
The upgrade to the Ethereum protocol comes at an important moment for ConsenSys as well.
The company has been trying to debut a number of central bank digital currencies, known as CBDC, and has been assisting prominent financial institutions, including the Reserve Bank of Australia, Hong Kong Monetary Authority and the Bank of Thailand to this end.
These are not the only institutions to have started taking CBDC seriously. European Central Bank President Christine Lagarde has asked for public consultation on whether a digital euro should be integrated into the EU's banking system, a move that many see as unavoidable.
Meanwhile, crypto casinos seem to be happy with both the upcoming Eth2 protocol and the possibility of seeing more digital currencies in circulation. Casinos such as Bitcasino, BitStarz and 1xBit generate the bulk of their income through digital currencies.
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