Terms “Eth1” and “Eth2” abolished
Ethereum Foundation wants to avoid misunderstandings and prevent fraud
Contents of the upgrade will not change
The Ethereum Foundation has said goodbye to the terms “Ethereum 1.0” or “Eth1” and “Ethereum 2.0” or “Eth2”, as it announced in a blog post at the end of January. In future there will be the “Execution Layer” and the “Consensus Layer”. In doing so, the organization wants to avoid confusion about terminology and deter scammers. “Customer teams are updating the protocol to meet global demand while improving security and decentralization. Alongside the evolution of the protocol, a key change in Ethereum is the move away from the Eth1 and Eth2 designations. As of late 2021, core developers have not used this terminology more, but prefer the terms Execution Layer and Consensus Layer,” writes the Ethereum Foundation on its website.
advertising
Also benefit from falling prices: Trade cryptocurrencies directly with leverage now.
77% of retail investor accounts lose money when trading CFDs with this provider. You should carefully consider whether you can afford to take the high risk of losing your money
“Execution Layer” + “Consensus Layer” = Ethereum
“Ethereum 1.0” refers to the “Execution Layer” or “Execution Layer” and refers to the Proof-of-Work blockchain. “Ethereum 2.0” also refers to the “Consensus Layer” or “consensus layer” and refers to the Proof-of-Stake Beacon Chain. Collectively, the amalgamation of these two layers is known as Ethereum.
“A major problem with Eth2 branding is that it creates a fractured mental model in new Ethereum users. Intuitively you think that Eth1 comes first and Eth2 comes after. Or that Eth1 ceases to exist once Eth2 exists. Neither one neither is the other thing true. By getting rid of the Eth2 terminology, we save all future users from navigating this confusing mental model,” the blog post continues.
Furthermore, the Ethereum Foundation wants to prevent fraud with this step. “Unfortunately, malicious actors have tried to use the false name Eth2 to scam users by telling them that they need to exchange their ETH for ETH2 tokens or somehow migrate their ETH before Eth2 upgrade,” writes the organization their website. And further: “We hope that this updated terminology will bring clarity to eliminate this vector of fraud and make the ecosystem more secure”.
No change in the contents of the upgrade
The organization also emphasizes that the rebranding is actually just a change of name, but not the content of the upgrade. The term “Ethereum 2.0” doesn’t quite do justice to the upgrade, hence this change in terminology: “As the roadmap for Ethereum has evolved, Ethereum 2.0 has become an inaccurate representation of the roadmap of Ethereum”. The upgrade is a merge intended to unite the proof-of-work chain and the proof-of-stake chain: “This will be the end of proof-of-work for Ethereum and the full transition to mark Proof-of-Stake,” the organization explains. This next major Ethereum update is expected to happen in June 2022. “It is planned to do this before the introduction of shard chains,” the Ethereum Foundation continues to write on its website.
Editorial office finanzen.net
Image sources: MAHATHIR MOHD YASIN/Shutterstock.com, Sorapop Udomsri/shutterstock.com