Ethereum Developers Rebrand in Effort to Drop ‘Eth2’ Moniker
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Leading Ethereum developers are not fond of the term ‘Eth2’ to describe the next stage of the network’s roadmap and are urging users and the crypto community to drop it.
In a post on the Ethereum Foundation’s blog on Jn. 24, the Ethereum core team stated that the terms Eth1 and Eth2 were being phased out.
The movement away from this terminology has already been accepted by core developers and the new terms for the two are ‘execution layer’ and ‘consensus layer’ respectively.
The team explained why it was pertinent to use the new terms going forward and drop the Eth2 or ETH 2.0 moniker altogether. It stated that the problem with that term is that it creates a “broken mental model” for new Ethereum users;
“They intuitively think that Eth1 comes first and Eth2 comes after. Or that Eth1 ceases to exist once Eth2 exists. Neither of these is true.”
No more Eth2, please
The team added that ‘Eth2’ has become an “inaccurate representation” of Ethereum’s roadmap. Most general crypto users would assume that Eth2 is the next stage of that roadmap that introduces proof-of-stake.
However, this is not technically the case. The name originally came from that premise under a general roadmap back in 2018, but things have changed since then.
The phased launch of Eth2 would take several years to be fully deployed but the launch of Beacon Chain and planned “merge” deployment this quarter means that the term doesn’t really apply since the network is neither Eth1 nor Eth2 but an amalgamation of the two.
The Ethereum.org team said that dropping the Eth2 name would also alleviate the confusion that has arisen from some staking providers that have erroneously labeled staked ETH as ETH2 tokens. Furthermore, it could prevent scamming attempts from malicious actors offering to swap ETH for nonexistent ETH2.
The team concluded that the rebrand and name change does not affect the development roadmap which is scheduled as follows:
The merge, when the chain formerly known as Eth1 docks with the chain formerly known as Eth2, is currently slated for Q1, 2022. Additionally, there is currently 9.1 million ETH staked on the Beacon Chain, valued at around $21.7 billion at current prices.
ETH price keeps tanking
Speaking of prices, Ethereum has been battered over the past week. ETH has dumped a painful 26.3% over the past seven days and continues to fall, dropping 3% on the day to trade at $2,371 at the time of press.
It’s now more than 50% down from its Nov 10 all-time high and has shown no signs of recovery so far this year. The broader crypto market is still deep in the red as the market cap has fallen to an almost six-month low of $1.62 trillion
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