The Ethereum Basis has eliminated all references to Eth1 and Eth2 in favor of calling the unique blockchain the “execution layer” and the upgraded Proof of Stake chain the “consensus layer.”
Ethereum’s long-awaited transition from a Proof-of-work mining mannequin to a Proof-of-Stake (PoS) consensus mechanism is predicted to go reside round within the second or third quarter of this yr.
Asserting the change the muse cited a variety of rationales together with a “damaged psychological mannequin for brand new customers,” rip-off prevention, inclusivity and staking clarity.
In a Jan.24 weblog put up, the Ethereum Basis famous that the branding of Eth2 did not concisely seize what was taking place to the community through its sequence of upgrades:
“One main downside with the Eth2 branding is that it creates a damaged psychological mannequin for brand new customers of Ethereum. They intuitively suppose that Eth1 comes first and Eth2 comes after. Or that Eth1 ceases to exist as soon as Eth2 exists.”
“Neither of those is true. By eradicating Eth2 terminology, we save all future customers from navigating this complicated psychological mannequin,” the weblog put up added.
Beneath the brand new terminology, the mixture of the execution layer (Eth1) and the consensus layer (Eth2) will likely be labeled as Ethereum, whereas particular person options such because the beacon chain, merge and shared chains at the moment are known as “upgrades.”
The muse additionally acknowledged that its re-branding of Eth2 would assist “carry readability to get rid of” scams wherein malicious actors dupe victims — unaware that their Ether (ETH) will robotically swap to Eth2 following the merge — into swapping Ether (ETH) for pretend ETH2 tokens.
“Sadly, malicious actors have tried to make use of the Eth2 misnomer to rip-off customers by telling them to swap their ETH for ‘ETH2’ tokens or that they have to by some means migrate their ETH earlier than the Eth2 improve,” the put up learn.
The information saw a comparatively apathetic response within the r/Ethereum subreddit, with most customers joking concerning the change, or complaining concerning the size of time the merge was taking.
“Don’t care what you name it, simply fucking ship it quickly plsss” stated Redditor ghfsgiwaa.
Consumer Kristkind acknowledged that the tried rebrand has come “too late”, noting that the time period Eth2 has already been broadly adopted by the media and customers:
“All people within the media, even the crypto-related one, runs with the time period 2.0 or just Eth2. And actually, I feel it’s higher that method, as a result of [it’s] method simpler to get for the (semi-)layperson, than ‘consensus layer’, which wants you to know the structure of the community.”
Following the merge and transition to PoS scheduled for later this yr — for actual this time — the remaining milestone of Ethereum’s present roadmap is the shard chains improve that’s set to into impact in late 2022/early 2023.
The introduction of shard chains will see Ethereum’s community load unfold throughout 64 new chains as a way to improve its scalability and capability.
Regardless of 2022 gearing as much as be a bullish yr for Ethereum basically, the value of Ether has taken a hefty hit amid the present downturn throughout inventory and crypto markets, dropping 40% over the previous 30 days to take a seat at round $2,437 on the time of writing.
This isn’t 2018.
In 2018 we didn’t have: Layer 2, eth2, DeFi, NFTs, core dev funding and a lot extra.
Markets will market however I’m comfortable af.
— eric.eth (@econoar) January 24, 2022