Max E.Tue, Jan 25, 2022 7:07 PM
Ethereum Developers Abandon The Terms ETH1 And ETH2
The development team of the second-largest cryptocurrency by capitalization abandoned the terms ETH1 and ETH2 in favor of the “execution level” and “consensus level”, respectively.
Both components make up a single Ethereum ecosystem.
According to the developers, the term ETH2 creates a “wrong mental model” for new users. They mistakenly believe that ETH1 will cease to exist after the transition to ETH2.
The team recalled that in 2018, its work on blockchain scaling and the transition to the Proof-of-Stake consensus algorithm was merged under the general theme of Ethereum 2.0. However, after the development of the Beacon Chain network began, it became clear that it would take several years for full implementation.
The desire to make the Ethereum Proof-of-Work network sustainable in the long term, along with the understanding that the Beacon Chain would be ready before other ETH2 components, led to the proposal for an “early merger”. It assumes that the existing blockchain will enter the Ethereum 2.0 system as a "zero shard", the team noted.
Since then, research into Rollups has shown promise as a viable and secure way to scale Ethereum.
As a result of these processes, the main developers abandoned the terms ETH1 and ETH2 by the end of 2021 and encouraged the community to do so. In their opinion, the Ethereum development roadmap remains the same.
The change in terminology will also help prevent scams where attackers offer users to swap their ETH for non-existent ETH2 in light of the upcoming transition, the team added.
We have yet to see how this will affect the movement of the ETH price (if at all), so we will be closely monitoring the further development of ETH.