Ethereum Leaves ETH 2.0 In The Past In New Roadmap Rebrand
25 Janeiro 2022 - 2:00PM
NEWSBTC
Ethereum 2.0 is one of the most-anticipated upgrades in crypto
presently. The upgrade which will bring better scalability and
cheaper prices to the network is nothing short of needed given that
demand has driven these two things to its brink on the network.
This is why Ethereum developers have been hard at work for two
years trying to usher in this new era. However, it seems that the
name ETH 2.0 is no longer doing justice to the upgrades being
performed on the network. In a recent announcement, Ethereum
Foundation announced that it is retiring the name ETH 2.0 in favor
of something that better describes the work being done on the
network. ETH 2.0 Is Now Consensus Layer In a blog post on its
official website, the Ethereum Foundation announced its decision to
change the name of the upcoming upgrade from ETH 2.0 to the
“Consensus layer”. The post explains that the reason for this was
the need for terminology that clearly embodies the changes that
were being made to the network. ETH 2.0 had worked while at the
beginning when the goal was simply to move users from the present
proof of work chain, also known as ETH 1.0, to the new proof of
stake mechanism. The goal has changed drastically since then.
Related Reading | Ethereum Fee Averages Remain Above $30
Despite 35% Drop. Price Pump Incoming? For the total completion of
the upgrade, developers had discovered that it would take several
years to complete. Additionally, the upgrade had evolved at various
points to make changes focused on the long-term rather than just
moving to the proof of stake mechanism. ETH climbs back to $2,400 |
Source: ETHUSD on TradingView.com The new terminology provides a
better understanding of what is being done on the network. This
way, users are no longer confused when it comes to distinguishing
between the two. This would greatly reduce scams that take
advantage of the confusion generated by the terminology by asking
them to swap their ETH for ‘ETH2’. It would also clear up the
confusion that arises with staking, where stakers might believe
they might be getting ‘ETH2’ tokens and not ETH tokens. How Is
Ethereum Price Affected? The announcement of the new terminology
has had no bearing on the value of the altcoin in the market.
Ethereum which had suffered greatly in the crash, losing about 40%
of its value, has trended upward in the last day. However, the
change in value remains insignificant as ETH is still a long way
away from hitting the $3,000 point. Prompting users to speculate
that the bear market is here. Related Reading | Market May Be
Suffering But Bitcoin And Ethereum Will Pull Back Stronger,
Bloomberg Analyst As for ETH 2.0, now known as the “Consensus
layer”, it is still unknown if the scheduled merge will actually
take place this year. The project has so far been rocked by delays
as devs encounter new issues. But for now, the upgrade remains on
track. As per the announcement, the ethereum base layer, also known
as ETH1, will now be called the execution layer. While ETH 2.0 will
be referred to as the consensus layer. Both of these layers
combined are what make up the Ethereum blockchain. Featured image
from Forkast, chart from TradingView.com
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