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Joseph Lubin, the co-founder of Ethereum [ETH] in a recent interview spoke of the conceptual difference between centralization and decentralization and gave users a preview of the gears of the Ethereum network.
Lubin has elaborated in fact, centralized servers have provided a false sense of security obsolete because users are so used to archaic architecture. Decentralized systems, according to the co-founder, have given users the ability to build a multitude of applications on protocol levels. He then talked about the challenges of building an "extraordinary machine" and how the whole system looked like a Proof of Concept machine for a long time.
He went on to say that the network created by blockchain visionaries laid the foundations on which a variety of concepts were built. This ranges from fungible and non-fungible tokens, bounty platforms, musical platforms, parametrised insurance products and a host of other decentralized applications [dApps].
In addition, he added that the concept of decentralization will allow many companies to be built around it and in the next five years will see an explosion of blockchain applications. He said that the gaming systems will make a big jump, citing the specific example of CryptoKitties that has seen a traditional adoption in the world of cryptocurrencies.
A question about how the value of the network is driven by the specific toke market capitalization, Lubin commented that the term "value" depends on the consensus architecture. He added that the consensus architecture is better, plus the value. The co-founder then gave his two cents on a timeline that will see the significant adoption of blockchain and cryptocurrency technology. He declared that decentralized architecture will support a lot of dApps with the evolution of different applications already in the pipeline.
Lubin has informed users that a lot of work is being put into what he calls "second level activity", saying that there are currently more than 20 different projects under way. Layer 2, according to Lubin, provides for the construction of the Ethereum network plasma fork. Plasma is a solution released by the co-founder of Ethereum Vitalik Buterin and Co-author of the Bitcoin lightning network, Joseph Poon, which scales the Ethereum network by eliminating unnecessary data from transactions and optimizing smart contracts.
The Ethereum official introduced the analogy of scaling as keeping tabs open on multiple bars. This diversion of funds makes the process of scaling expensive and slow, said Lubin. He also added that there are other ways in which capital can be used and provides a capitalless channel that will not entail any stress in the development environment.
Joseph Lubin also assured users that the scalability problem will be solved, even if slowly and steadily. He stated that the process will be completed after the release of several iterations of network architecture.
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