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 (PoS) chain the “consensus layer.”
Ethereum’s long-awaited transition from a proof-of-work mining mannequin to a PoS consensus mechanism is predicted to go dwell in both the second or third quarter of this yr.
Asserting the change, the muse cited various rationales, together with a “damaged psychological mannequin for brand spanking new customers,” rip-off prevention, inclusivity and staking readability.
In a Monday weblog publish, the Ethereum Basis famous that the branding of Eth2 did not concisely seize what was occurring 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 spanking new customers of Ethereum. They intuitively assume 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 publish added.
Below the brand new terminology, the mix of the execution layer (Eth1) and the consensus layer (Eth2) will probably be labeled as Ethereum, whereas particular person options such because the Beacon Chain, merge and sharded chains are actually known as “upgrades.”
The inspiration additionally said that its rebranding of Eth2 would assist “deliver readability to eradicate” scams during which malicious actors dupe victims — unaware that their Ether (ETH) will mechanically change to Eth2 following the merge — into swapping 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 one way or the other migrate their ETH earlier than the Eth2 improve,” the publish learn.
The information noticed 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 u/ghfsgiwaa.
Redditor u/Kristkind said 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 believe it’s higher that manner, as a result of [it’s] manner simpler to get for the (semi-)layperson, than ‘consensus layer,’ which wants you to grasp the structure of the community.”
Associated: Ethereum white paper predicted DeFi however missed NFTs: Vitalik Buterin
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 return into impact in late 2022 or early 2023.
The introduction of shard chains will see Ethereum’s community load unfold throughout 64 new chains with a purpose to improve its scalability and capability.
Regardless of 2022 gearing as much as be a bullish yr for Ethereum basically, the worth 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 cozy af.
— eric.eth (@econoar) January 24, 2022