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Ethereum Foundation Has Phased out the ETH 2.0 Monicker, Clarifies Its Roadmap -Breaking

by Mike Robinson

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The Ethereum Foundation has phased out the ETH2.0 Monicker and clarifies its Roadmap

The Beacon Chain, which introduced the proof-ofstake (PoS), consensus algorithm in December 2020 has made ETH 2.0 the most popular term in the community. Users are still waiting for the complete network transition.

Despite promising better performance for the network, the Ethereum Foundation has retired the terms “Ethereum 2.0” along with “Ethereum 1.0” in a bid to avoid confusion.

Ethereum Drops the name “ETH 2.0”
Going forward, “ETH 2.0” will now be known as the “consensus layer,” or its future PoS Beacon Chain, while “ETH 1.0,” or Ethereum’s current proof-of-work blockchain, will be called the “execution layer.” The reasoning is to unify the project and its developments under the singular name of Ethereum.

According to the Ethereum Foundation’s branding, ETH 2.0 caused confusion for new Ethereum users. According to the foundation some users mistakenly assume that ETH 1.0 came first, then ETH 2.

Others believe that ETH 1.0 won’t be available when the network moves to ETH 2.0. The Ethereum Foundation has clarified that neither as neither misunderstanding is accurate, removing the terminology of “ETH 2.0” will help future users to navigate this “confusing mental model.”

The Foundation explains that both “ETH 1.0” and “ETH 2.0” will be separate, but integral components of the overall network known as Ethereum. The Foundation explains that the elimination of alternate names gives a better picture of Ethereum and makes it more accessible to a wider audience.

The Ethereum Foundation also believes that this rebranding will prevent scammers. Since ETH 2.0 was announced, malicious entities have subsequently tricked users into thinking that they must “migrate” their ETH 1.0 wallets to ETH 2.0, resulting in lost and stolen funds.

The Flipside

  • Having sagged to a 6-month low of $2,200, many experts believe that Ether’s drop to $1,800 in 2022 is an inevitability.

What You Need to Care About

As Ethereum’s migration to the PoS mechanism draws closer, this rebrand is an important step to clear up misconceptions around the network.

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