The Ethereum Foundation — the non-profit largely responsible for guiding the development of the software underlying the Ethereum ETH/USD blockchain — announced that there will not be an ETH 2.0 anymore, but not in the way you might expect.
What Happened: In a recent update on its website dedicated to Ethereum protocol upgrades, the Ethereum Foundation notes that the term "Eth2" "is being phased out in preparation for the merge." The foundation wants to do away with the word, since it puts a distinction between two protocols that are about to become one single platform.
The rebranding is meant to avoid confusion and prevent potential scams due to multiple names for the blockchain. "Being careful and accurate in our word choice allows content on Ethereum to be understood by the broadest audience possible," the foundation said.
See Also: WHEN WILL ETHEREUM 2.0 LAUNCH?
The foundation's website explains that "after merging 'Eth1' and 'Eth2' into a single chain, there will no longer be two distinct Ethereum networks; there will only be Ethereum."
For this reason, moving forward, Eth1 will be known as the "execution layer" while Eth2 will be called the "consensus layer" since the former handles transactions and data while the latter is in charge of running the proof-of-stake consensus.
While significant, the change is primarily meant to alter how the Ethereum ecosystem is viewed by the public, rather than a change in the direction that the development of the blockchain. "These terminology updates only change naming conventions; this does not alter Ethereum's goals or roadmap," the website reads.
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