The Ethereum Foundation will no longer use the term “Ethereum 2.0” because the current works is just a network upgrade. Through this rebranding, Ethereum is at par with its rivals – mainly Solana and Cardano.
Developers highlight that Ethereum is moving from proof-of-work (PoW) to a more scalable proof-of-stake (PoS) chain. It will also venture into mining. The rebranding makes it easier to understand that Ethereum is undergoing a network upgrade. The team hopes to be more clear and precise to prevent potential scams. It said being careful and accurate in word choice allows content on Ethereum to be understood and grasped by the broadest audience.
There will no longer be two distinct Ethereum networks, but only Ethereum. As such, Eth1 will be called the execution layer and Eth2 will be called the consensus layer. Eth1 deals with transactions and data, and Eth2 runs the proof-of-stake (PoS) consensus. The rebranding will help change the public’s perception of the Ethereum ecosystem. The team said the rebranding in no way changes their plans or goals.
Ethereum is scaling the network in a decentralized manner. It should be noted that this plan was categorized into roadmap labeled Eth2.0 in 2018. The team, through a blog post, said the existing blockchain will be migrated into the proof-of-stake Ethereum chain – Eth2.0. But the past couple of months, it has come to light that the full upgrade will take years to be completed.