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Key Takeaways
- The Ethereum Basis has retired the phrases “Ethereum 1.0” and “Ethereum 2.0.”
- As a substitute, these will now be known as Ethereum’s “execution layer” and “consensus layer,” respectively.
- The rebranding is a part of an effort to keep away from future confusion over terminology and to thwart scammers trying to use such misunderstandings.
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The Ethereum Basis has rebranded the phrases “Ethereum 1.0” and “Ethereum 2.0” with a purpose to keep away from future confusion. Going ahead, they are going to be often called Ethereum’s “execution layer” and “consensus layer,” respectively.
New Ethereum Terminology
In a Monday blog post, the Ethereum Basis introduced that it might retire the terminologies “ETH 1.0” and “ETH 2.0” in favor of the phrases “execution layer” and “consensus layer.”
The “execution layer”—previously often called Ethereum 1.0—refers back to the Proof-of-Work blockchain that’s recognized at this time as Ethereum. The Proof-of-Stake Beacon Chain, which is meant to take over consensus processes after the merging of the 2 blockchains, will henceforth be often called the “consensus layer.” Taken collectively, they’re to be recognized collectively as “Ethereum.”
The important step on this path would be the upcoming “merge,” a future improve wherein the present Proof-of-Work chain will unite with the Proof-of-Stake Chain. It’s scheduled tentatively in June 2022.
Proof-of-Stake is a consensus system requiring validators to stake their funds on the community to validate new transactions. Ethereum’s transfer from Proof-of-Work to Proof-of-Stake is meant to allow higher scalability and finally decrease transaction prices.
Within the put up, the group aired considerations that the present phrases, Ethereum 1.0 and a pair of.0, have the potential to confuse new customers—it wrote that customers “intuitively assume that Eth1 comes first and Eth2 comes after. Or that Eth1 ceases to exist as soon as Eth2 exists. Neither of those is true.” Per the group, after the improve takes place this 12 months, there’ll now not be two distinct networks—and even ideas—of ETH 1.0 and ETH 2.0. The 2 will merely be separate however integral parts of the general community often called Ethereum.
One other important goal behind the rebranding was the prevention of scams. The group goals to forestall customers from getting scammed by malicious entities who’ve taken benefit of the confusion created by the numerical names for Ethereum Proof-of-Work and Proof-of-Stake chains. Such scams generally contain tricking customers into believing they have to “migrate” their ETH to ETH 2.0, leading to misplaced funds.
Disclosure: On the time of writing, the writer of this piece owned ETH and different cryptocurrencies.
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