The Ethereum Foundation has omitted all references to Eth1 or Eth2 and instead calls the original blockchain the “execution Layer” and the updated Proof of Stake chain, the “consensus Layer.”
The long-awaited transition of Ethereum from a Proof-of-work mining system to a Proof-of-Stake consensus mechanism (PoS), is expected to be completed in the second quarter or third quarter.
The foundation announced the change by citing a variety of reasons, including a “broken psychological model for new users”, scam prevention, inclusion and staking clarity.
The Ethereum Foundation pointed out that Eth2’s branding failed to convey the essence of what was happening on the network through its series of upgrades in a blog post dated Jan. 24, 2014.
Eth2 branding has a major flaw. It creates a flawed mental model for new Ethereum users. They believe that Eth1 is first and Eth2 follows. Either that Eth1 is dead once Eth2 is present.
“Neither one of these statements is true.” The blog post said that by removing Eth2 terminology, future users will not have to navigate this confusing mental model.”
The new terminology will refer to the combination of Eth1 and Eth2 as Ethereum. Individual features, such as the beacon, merge, and shared chains, are now called “upgrades.”
Rebrand of Eth2: The Ethereum Foundation
The foundation stated that Eth2’s rebranding would help “bring clarity and eliminate” frauds perpetrated by malicious actors. They trick victims into believing that their Ether will switch to Eth2 after the merge. This allows them to swap Ether for fake ETH2 tokens.
“Unfortunately, malicious actors tried to use the Eth2 missnomer to scam users by telling customers to swap their ETH tokens for ‘ETH2″ tokens or to migrate their ETH prior to the Eth2 upgrade.” The post said.
Users were mostly joking about the news or complaining about how long it took to merge.
Redditor, ghfsgiwaa said that “Don’t worry what you call it. Just fucking Ship It Soon Plsss.”
Kristkind claimed that the attempt to rebrand was “too late” and pointed out that Eth2 had been widely used by users and the media.
Everybody, crypto-related or not, uses 2.0 or Eth2 as their media term. It’s a better way to go, honestly.
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The shard chain upgrade, which is due to take effect in 2022/early 20,23 is the final milestone on Ethereum’s current roadmap.
In order to increase Ethereum’s scalability, and capacity, the introduction of shard chain will see Ethereum’s network load distributed across 64 new chains.
Although 2022 is expected to be a bullish year in Ethereum’s fundamentals, the price for Ether has fallen 40% over the past 30 trading days, to $2,437 as of this writing.
This is not 2018. We didn’t have Layer 2, DeFi, NFTs or core dev funding in 2018. Although markets will come, I am comfortable af.
— January 24, 2022, eric.eth (@econoar).