In Brief:
- Ethereum renamed its up-gradation terminology “Ethereum 1.0” and “Ethereum 2.0”
- Based on layer deployment, this will now be known as a “execution layer” and “consensus layer”.
- The renaming will help to avoid confusion in the future over terminology.
Ethereum renamed its terminology for development phases from “ETH 1” and “ETH 2” to “execution layer” and “consensus layer” respectively to avoid confusion in the future. However, the roadmap to scale Ethereum in a decentralized way is the same.
Ethereum scaling features such as merge with mainnet, Sharding, and upcoming features will keep going in a pre-decided manner.
The execution layer is lately known as ETH 1, which refers to the current Ethereum blockchain with the Proof-of-Work (PoW) mechanism. The current beacon chain will obtain a consensus process after its merge with Ethereum mainnet, that’s the reason it refers to “Consensus Layer”. Combinaly Execution layer and Consensus layer called as “Ethereum”.
The crucial development will be the substitution of the ‘Proof-of-Work’ mechanism through ‘Proof-of-Stake’, which is scheduled for June 2022.
The Proof-of-Stake consensus mechanism enables validators to stake their funds in order to validate new transactions. The implementation of PoS will help Ethereum blockchain to scale up the transaction process, which ultimately helps it to reduce transaction costs.
In a blog post, Ethereum officials revealed their concern over old terminology, Ethereum 1.0 and Ethereum 2.0, and stated “intuitively think that Eth1 comes first and Eth2 comes after. Or that Eth1 ceases to exist once Eth2 exists. Neither of these is true.”
While the Ethereum blockchain is scaling up transactions, many cyberattackers are scamming through phishing attacks. Some users often were asked to swap their ETH tokens with ETH 2.0 by attackers. Renaming will remove this confusion and bring clarity to eliminate this scam.
After the final merge, there will be no two different networks of ETH 1.0 and ETH 2.0. Both will be collectively known as Ethereum. In December, Ethereum launched the Kintsugi testnet to examine the ecosystem after the merge of the beacon chain with mainnet, which is expected in the second quarter of 2022.
