The Ethereum Foundation has rebranded the blockchain’s incarnations in expose to preserve away from confusion.
Key Takeaways
- The Ethereum Foundation has retired the phrases “Ethereum 1.0” and “Ethereum 2.0.”
- As an different, these will now be known as Ethereum’s “execution layer” and “consensus layer,” respectively.
- The rebranding is piece of an effort to preserve away from future confusion over terminology and to thwart scammers trying to make potentially the most of such misunderstandings.
The Ethereum Foundation has rebranded the phrases “Ethereum 1.0” and “Ethereum 2.0” in expose to preserve away from future confusion. Going forward, they’re going to be identified as Ethereum’s “execution layer” and “consensus layer,” respectively.
Novel Ethereum Terminology
In a Monday blog submit, the Ethereum Foundation presented that it might per chance retire the terminologies “ETH 1.0” and “ETH 2.0” in favor of the phrases “execution layer” and “consensus layer.”
The “execution layer”—beforehand identified as Ethereum 1.0—refers to the Proof-of-Work blockchain that’s identified this day as Ethereum. The Proof-of-Stake Beacon Chain, which is meant to take over consensus processes after the merging of the two blockchains, will henceforth be identified as the “consensus layer.” Taken collectively, they’re to be identified collectively as “Ethereum.”
The indispensable step on this course frequently is the upcoming “merge,” a future toughen wherein the silent 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 intention requiring validators to stake their funds on the community to validate fresh transactions. Ethereum’s stream from Proof-of-Work to Proof-of-Stake is meant to enable elevated scalability and at final lower transaction costs.
In the submit, the crew aired concerns that the silent phrases, Ethereum 1.0 and a pair of.0, contain the in all probability to confuse fresh customers—it wrote that customers “intuitively deem that Eth1 comes first and Eth2 comes after. Or that Eth1 ceases to exist once Eth2 exists. Neither of those is correct.” Per the crew, after the toughen takes living this year, there will now no longer be two decided networks—or even ideas—of ETH 1.0 and ETH 2.0. The 2 will simply be separate nonetheless integral ingredients of the total community identified as Ethereum.
One more indispensable goal within the assist of the rebranding was once the prevention of scams. The crew aims to forestall customers from getting scammed by malicious entities who contain taken objective appropriate thing referring to the confusion created by the numerical names for Ethereum Proof-of-Work and Proof-of-Stake chains. Such scams once in a whereas involve tricking customers into believing they must “migrate” their ETH to ETH 2.0, main to lost funds.
Disclosure: At the time of writing, the author of this fragment owned ETH and other cryptocurrencies.
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