Ethereum Foundation, the non-profit that Ethereum guiding the development of the Ethereum blockchain, announced they won’t create an ETH 2.0 anymore.
The Ethereum 2.0 rebranding efforts ended. Ethereum Foundation notes that the term “Eth2” “is being phased out in preparation for the merge.”
The rebranding wants to avoid confusion and prevent scams due to multiple names of similar crypto.
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.
There will be no new token for the system formerly known as Ethereum 2.0.
“These terminology updates only change naming conventions; this does not alter Ethereum’s goals or roadmap,” the website reads.
“Ether holders don’t have to do anything different. The upgrades should be transparent for most Ether owners unless you want to take part in the new staking process,” Anders Bylund published.