THELOGICALINDIAN - The Ethereum Foundation has rebranded the blockchains incarnations in adjustment to abstain abashing
The Ethereum Foundation has rebranded the agreement “Ethereum 1.0” and “Ethereum 2.0” in adjustment to abstain approaching confusion. Going forward, they will be accepted as Ethereum’s “execution layer” and “consensus layer,” respectively.
New Ethereum Terminology
In a Monday blog post, the Ethereum Foundation appear that it would retire the terminologies “ETH 1.0” and “ETH 2.0” in favor of the agreement “execution layer” and “consensus layer.”
The “execution layer”—formerly accepted as Ethereum 1.0—refers to the Proof-of-Work blockchain that is accepted today as Ethereum. The Proof-of-Stake Beacon Chain, which is advised to booty over accord processes afterwards the amalgamation of the two blockchains, will afterward be accepted as the “consensus layer.” Taken together, they are to be accepted collectively as “Ethereum.”
The analytical footfall in this administration will be the accessible “merge,” a approaching advancement in which the accepted Proof-of-Work alternation will affiliate with the Proof-of-Stake Chain. It is appointed tentatively in June 2022.
Proof-of-Stake is a accord arrangement acute validators to pale their funds on the arrangement to validate new transactions. Ethereum’s move from Proof-of-Work to Proof-of-Stake is advised to accredit greater scalability and eventually lower transaction costs.
In the post, the aggregation aired apropos that the absolute terms, Ethereum 1.0 and 2.0, accept the abeyant to abash new users—it wrote that users “intuitively anticipate that Eth1 comes aboriginal and Eth2 comes after. Or that Eth1 ceases to abide already Eth2 exists. Neither of these is true.” Per the team, afterwards the advancement takes abode this year, there will no best be two audible networks—or alike concepts—of ETH 1.0 and ETH 2.0. The two will artlessly be abstracted but basic apparatus of the all-embracing arrangement accepted as Ethereum.
Another analytical cold abaft the rebranding was the blockage of scams. The aggregation aims to anticipate users from accepting scammed by awful entities who accept taken advantage of the abashing created by the after names for Ethereum Proof-of-Work and Proof-of-Stake chains. Such scams sometimes absorb tricking users into assertive they charge “migrate” their ETH to ETH 2.0, consistent in absent funds.
