The Ethereum Foundation has removed all references to “Eth1” and “Eth2”. in favor of Call the original blockchain the “execution layer” and the updated Proof-of-Stake (PoS) chain the “consensus layer”..
It is estimated that the long-awaited Ethereum transition from a proof-of-work mining model to a PoS consensus mechanism going live in the second or third quarter of this year.
With the notification of the change The foundation gave a number of reasonsincluding a “false mental model for new users”, fraud prevention, inclusion and staking clarity.
The Ethereum Foundation stated this in a blog post on Monday The Eth2 brand has failed to accurately capture what is happening on the network through its series of updates:
“One of the main problems with the Eth2 brand is that it creates the wrong mental model for new Ethereum users. You guessed that Eth1 comes first and Eth2 comes after. Or that Eth1 ceases to exist as soon as Eth2 exists.”
“None of these things are true. By removing the Eth2 terminology, we save all future users from navigating this confusing mental model‘ the blog post adds.
Under the new terminology The combination of execution layer (Eth1) and consensus layer (Eth2) is called Ethereumwhile individual features such as Beacon Chain, Fusion, and Sharded Chain are now called “Upgrades.”“.
The foundation also stated that its renaming of Eth2 would help “provide clarity Eliminate” scams where malicious actors fool victims —unaware that his Ether (ETH) will automatically become Eth2 after the merger— Exchange ETH for fake “ETH2” tokens.
“Unfortunately malicious actors have attempted to use the misleading name Eth2 to scam users by telling them to exchange their ETH for “ETH2” tokens or that they need to somehow migrate their ETH before the Eth2 upgrade,” the post reads.
The news was met with a relatively indifferent response on the r/Ethereum subreddit.with most users either joking about the change or complaining about the length of the merge.
“I don’t care what they call it, just send it soon damn it,” Redditor said u/ghfsgiwaa.
Redditor u/Kristkind claimed that the rebrand attempt came “too late” and noted this The term Eth2 is already widely used by the media and users:
“Everyone in the media, even crypto-related, uses the term 2.0 or just Eth2. And honestly, I think it’s better that way, because [es] Much easier for the (slightly) inexperienced to understand than the ‘consensus level’ which requires you to understand the architecture of the network”.
Following the planned merger and transition to PoS later this year – for real this time – The remaining goal of the current Ethereum roadmap is the shard chain upgrade, which will come into effect in late 2022 or early 2023.
With the introduction of shard chains Ethereum’s network load will be distributed across 64 new chains to improve scalability and capacity.
Even though 2022 will basically be a bull year for Ethereum, Ether’s price has taken a major hit amid the ongoing plunge in stock and crypto marketshas fallen 40% in the last 30 days and is hovering around $2,437 at the time of writing.
This is not 2018.
In 2018 we didn’t have: Layer 2, eth2, DeFi, NFTs, core development funding and much more.
The markets will market, but I’m comfortable.
— eric.eth (@econoar) January 24, 2022
This is not 2018.
In 2018 we didn’t have: Layer 2, eth2, DeFi, NFTs, Core Dev Funding and much more.
The markets will act, but I’m comfortable