Blockchain

Eth2 no longer exists after Ethereum Foundation drops name in rebrand

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The Ethereum Foundation has removed all references to Eth1 and Eth2, and instead refers to the original blockchain as the “execution layer” and the upgraded Proof of Stake chain as the “consensus layer.”

Ethereum long awaited transition From the proof-of-work mining model to the proof-of-stake (PoS) consensus mechanism is expected to go live in the second or third quarter of this year.

In announcing the change, the foundation cited a number of reasons, including “the mental model of new users is broken”, scam prevention, inclusivity and Staking clarity.

In a Jan. 24 blog post, the Ethereum Foundation noted that the branding of Eth2 failed to succinctly capture what was happening on the network through its series of upgrades:

“A major problem with the Eth2 brand is that it creates a broken mental model for new Ethereum users. They intuitively think that Eth1 is in front and Eth2 is behind. Or once Eth2 exists, Eth1 will cease to exist.”

“None of these are true. By removing the Eth2 terminology, we can free all future users from this confusing mental model,” the blog post added.

Under the new term, the combination of the execution layer (Eth1) and the consensus layer (Eth2) will be labeled Ethereum, while individual functions such as the beacon chain, merge, and shared chain are now referred to as “upgrades.”

Eth2 renamed: Ethereum Foundation

The foundation also said its rebranding of Eth2 will help “eliminate” scams where malicious actors trick victims into not knowing their ether (Ethereum) will automatically switch to Eth2 after the merger — exchanging Ether (ETH) for fake ETH2 tokens.

“Unfortunately, malicious actors are trying to use the misnomer of Eth2 to trick users into telling them to exchange their ETH for ‘ETH2’ tokens, or that they have to migrate their ETH in some way before the Eth2 upgrade,” the statement said. The post reads.

news saw The response in the r/Ethereum subreddit was relatively indifferent, with most users joking or complaining about the time it took to merge.

“Whatever you want to call it, ship the fuck fast,” Redditor ghfsgiwaa said.

User Kristkind said the rebranding attempt was “too late”, noting that the term Eth2 has been widely adopted by the media and users:

“Everyone in the media, even crypto-related media, uses the term 2.0 or simply Eth2. I honestly think it’s better because [it’s] For the (semi) layman, it’s easier to get than a ‘consensus layer’, which requires you to understand the architecture of the network. ”

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After a planned merger and transition to PoS later this year – this time for real – the remaining milestone on Ethereum’s current roadmap is a shard chain upgrade that will take effect in late 2022/early 2023.

The introduction of sharded chains will distribute Ethereum’s network load across 64 new chains to enhance its scalability and capacity.

Although 2022 is fundamentally a bullish year for Ethereum, the price of Ethereum has hit hard Amid the current downturn in stocks and crypto markets, it is down 40% over the past 30 days to around $2,437 at the time of writing.