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Sunday, May 22, 2022

Ethereum Foundation Has Ditched The Name ETH2

The Ethereum Foundation has done away with every single reference to the terms Eth1 and Eth 2, in favor of calling the original blockchain the layer of execution. The upgrade chain of proof-of-stake has been referred to as the consensus layer. The long-awaited transformation of this cryptocurrency from a proof of work model of mining to a PoS consensus mechanism is surely expected to go live in either the second or the third quarter of this year.

Whilst announcing the change, the foundation went on to cite quite a number of rationales, which included a broken mental model for new users scam prevention, staking clarity, and inclusivity. 

The Ethereum Foundation Has Decided To Clear Away Confusion

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In a blog post on Monday, the Ethereum Foundation went on to note that the branding of Eth2 failed to exactly capture the essence of what was happening to the network through an entire series of upgrades. The one big problem with the branding of Eth2 was that it created a broken mental model for most of the new users of this cryptocurrency. They would intuitively think that Eth1 came first, and then Eth2. 

And this is what the foundation has tried to do away with. By removing the term Eth2, they have saved all of the future users from being able to navigate the confusing mental model. Under this new terminology, the combination of the execution layer and the consensus layer will be labeled as Ethereum, while most of the individual features such as the Beacon Chain will now be referred to as upgrades. 

The Ethereum Foundation has also stated that the rebranding of the term Eth2 will definitely help bring much-needed clarity to eliminate scams in which malicious actors dupe victims- unaware that their Ether will automatically switch to Eth2 following the much-awaited merge- into swapping ETH for fake ETH2 tokens. The news has also stated a relatively apathetic response in the r/Ethereum subreddit. 

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