Ethereum was one of the hardest hit cryptocurrency after the crash. For a couple of months, Ethereum was overtaken by XRP itself, causing investors and the community to predict the end of Ethereum. Now with Ethereum back on the number 2nd spot once again, Ethereum’s co-founder Joseph Lubin, said that Ethereum is too big to fail.
Joseph Lubin was featured as a keynote speaker at the famous SXSW conference. He took to stage and said,
“Ethereum is not going away. It’s not going to fail. It will remain very significant.”
According to Joseph Lubin, tech entrepreneurs are busy building new applications on top of Ethereum than worrying about the price.
“Since the start of the ecosystem and since 2009, we’ve seen many incredible rises in the price of these tokens followed by very significant corrections. So the most significant correction took us back one year, which was 5,000-times more valuable than when ETH was initially launched. In that context, it’s not so horrifying. There is way more activity in our ecosystem now than a year or 18 months ago,” said Lubin
Joseph Lubin also touched on the scaling aspect of Ethereum, which is one of the major concern of Ethereum. Ethereum currently, can handle around 14-17 TPS, a very tiny fraction compared to global transactions on the internet.
“Ethereum 2.0 is coming…we have eight teams building it,” said Lubin, adding that they’re in “phase 0 of four phases.” This base layer upon which we continue to build Layer 2 scalability solutions is going to expand by at least 1,000-fold over the next 18-24 months from now. It will keep expanding after that.”
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