Bengaluru, January 26, 2022: The Ethereum Foundation has replaced all mentions to “Ethereum 1” and “Ethereum 2” with the terms “execution layer” as well as “consensus layer” for the original blockchain as well as the upgraded PoS chain, respectively. The long-awaited switch from PoW mining to a PoS consensus mechanism for Eth is set to take place in the second or third quarter of this year.
The ETH foundation cited a “terrible emotional model – based approach for new clients,” fraud avoidance, inclusivity, and asset transparency as grounds for the change.
The ETH Foundation noted in a medium post on Jan 24 that perhaps the Ethereum 2 labeling failed to clearly express what has been occurring to the system throughout its series of advancements:
Another key concern with both the ETH2 marketing would be that it generates a faulty conceptual framework for novice Eth consumers. They understandably imagine that Ethereum 1 appears initially, followed by Ethereum 2. Or just because, once Ethereum 2 is released, Ethereum 1 will disappear. That none of these propositions is true.
“None of these propositions is true. “By removing Eth2 nomenclature, we save all prospective customers from trying to navigate this convoluted conceptual framework,” the blog post continued.
Specific characteristics like as any beacons chain, merger, and sharing chains would be alluded to as “improvements” underneath the new definitions, that merges the execution layer (Eth1) and the consensus layer (Eth2) (Eth2).
The Ethereum foundation further suggested that rebranding Eth2 could help “provide clarity to remove” Malicious individuals deceive people in scams convincing them to exchange existing Ethereum (ETH) for fraudulent ETH2 coins into exchanging their Ether (ETH) for bogus ETH2 tokens, unaware knowing the Ethereum (ETH) would be immediately transferred to Ethereum2 following the split.
“Unfortunately, dishonest actors had tried to mislead customers by persuading them that they must exchange existing Ethereum for ‘ETH2’ coins or move their ETH prior the Ethereum 2 update,” as per the report.”
The news was received with a mixed reaction on the ETH Subreddit, with most people mocking about the change or grumbling about how soon the combining would take.
“I don’t care what you label it; just fucking ship it soon plsss,” Redditor ghfsgiwaa added.
According to user Kristkind, the attempted rebrand had come “too late,” adding that the word “Eth2” has already been widely accepted by the media as well as users:
“Everybody perhaps in the press, the crypto-related one, runs with the term 2.0 or simply Ethereum 2. As well as honestly, I think it is better that way, because [it’s] way easier to get for the layperson (semi), than ‘consensus layer’, which needs you to understand the architecture of the network.”
The final step of Ethereum’s present roadmap is indeed the shard networks are updated set to take effect following the merger, around end 2022/ slightly earlier 2023 as well as switch to PoS scheduled for afterward this year – for true this time. With the launch of shard chains, Ethereum’s network the load would indeed be distributed spanning 64 other chains, enhancing its scalability as well as capacity.
Despite the reality that in the year 2022 is looking like it’s going to be become an optimistic year for ETH fundamentally, the value of ETH had taken a significant knock amid the ongoing downturn in stock as well as cryptocurrency markets, falling 40% in the 30 days to about $2,437 just at moment of typing.
