Important point
- The Ethereum Foundation has abolished the terms “Ethereum 1.0” and “Ethereum 2.0”.
- Instead, they are called Ethereum’s “execution layer” and “consensus layer,” respectively.
- Rebranding is part of an effort to avoid future confusion about terminology and prevent fraudsters from misusing such misunderstandings.
Share this article
The Ethereum Foundation has rebranded the terms “Ethereum 1.0” and “Ethereum 2.0” to avoid future confusion. From now on, they will be called the “execution layer” and “consensus layer” of Ethereum, respectively.
New Ethereum term
In a blog post on Monday, the Ethereum Foundation announced that it would prioritize the terms “executive layer” and “consensus layer” and abolish the terms “ETH 1.0” and “ETH 2.0”.
The “execution layer” (formerly known as Ethereum 1.0) refers to the Proof of Work blockchain now known as Ethereum. The Proof of Stake Beacon Chain, which aims to take over the consensus process after merging the two blockchains, is now referred to as the “consensus layer”. Taken together, they are collectively called “Ethereum”.
An important step in this direction is the next “merge”, a future upgrade where the current proof of workchain will be integrated with the proof of stakechain. It is tentatively scheduled for June 2022.
Proof of Stake is a consensus system that requires validators to bet funds on the network to validate new transactions. The transition from Ethereum’s Proof of Work to Proof of Stake is aimed at improving scalability and ultimately reducing transaction costs.
In the post, the team expressed concern that the existing terms Ethereum 1.0 and 2.0 could confuse new users. Users intuitively think that Eth1 comes first and Eth2 comes later. Or, if Eth2 exists, Eth1 doesn’t exist. Neither of these is true. ”Upgraded this year for each team. After that, there will be no two separate networks, or even concepts, of ETH1.0 and ETH2.0. The two are simply separated, but they are an integral component of the entire network known as Ethereum.
Another important purpose behind the brand change was fraud prevention. This team aims to prevent users from being fooled by malicious entities that take advantage of the numerical confusion of Ethereum’s Proof of Workchain and Proof of Stakechain. Such scams can trick users into believing that they need to “migrate” ETH to ETH 2.0 and lose money.
Disclosure: At the time of writing this, the author of this work owned ETH and other cryptocurrencies.
Share this article
Ethereum 2.0 deposits are worth over $ 30 billion
As of today, Ethereum 2.0 deposits include approximately 9 million ETH, which is equivalent to approximately $ 30.2 billion. Users bet $ 30 billion on ETH 2.09 million ETH …
Ethereum launches Kintsugi test net to prepare for merger
Ethereum has launched the Kintsugi Testnet, the latest step in replacing the proof of work consensus mechanism with the proof of stake. Kintsugi is a step posted today by Tim Beiko, a member of the Proof of Stake Ethereum Foundation …
Is time on our side?An example of extending the Bitcoin cycle
One of the many unique features of BTC is its halving process. This is accompanied by a bullish move, often preceded by a bearish integration. Half of Bitcoin’s event is …
Vitalik Buterin proposes “multidimensional EIP-1559” to E ..
Vitalik Buterin has published a new article on the Ethereum gas tariff market. Specifically, he talked about launching a new “multidimensional” EIP-1559 update. Vitalik Buterin proposes a new Ethereum Vitalik Buterin …
