Key Takeaways

The Ethereum Foundation has rebranded the terms Ethereum 1.0 and Ethereum 2.0 in order to avoid future confusion. Going forward, they will be known as Ethereums execution layer and consensus layer, respectively.

In a Mondayblog post, the Ethereum Foundation announced that it would retire the terminologies ETH 1.0 and ETH 2.0 in favor of the terms execution layer and consensus layer.

The execution layerformerly known as Ethereum 1.0refers to the Proof-of-Work blockchain that is known today as Ethereum. The Proof-of-Stake Beacon Chain, which is intended to take over consensus processes after the merging of the two blockchains, will henceforth be known as the consensus layer. Taken together, they are to be known collectively as Ethereum.

The critical step in this direction will be the upcoming merge, a future upgrade in which the current Proof-of-Work chain will unite with the Proof-of-Stake Chain. It is scheduled tentatively in June 2022.

Proof-of-Stake is a consensus system requiring validators to stake their funds on the network to validate new transactions. Ethereums move from Proof-of-Work to Proof-of-Stake is intended to enable greater scalability and eventually lower transaction costs.

In the post, the team aired concerns that the existing terms, Ethereum 1.0 and 2.0, have the potential to confuse new usersit wrote that users intuitively think that Eth1 comes first and Eth2 comes after. Or that Eth1 ceases to exist once Eth2 exists. Neither of these is true. Per the team, after the upgrade takes place this year, there will no longer be two distinct networksor even conceptsof ETH 1.0 and ETH 2.0. The two will simply be separate but integral components of the overall network known as Ethereum.

Another critical objective behind the rebranding was the prevention of scams. The team aims to prevent users from getting scammed by malicious entities who have taken advantage of the confusion created by the numerical names for Ethereum Proof-of-Work and Proof-of-Stake chains. Such scams sometimes involve tricking users into believing they must migrate their ETH to ETH 2.0, resulting in lost funds.

Disclosure: At the time of writing, the author of this piece owned ETH and other cryptocurrencies.

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Ethereum Scraps "ETH 2.0" in Roadmap Rebrand - Crypto Briefing