X

Emily from Kansas City

Signed up at Betplay Casino 2 minutes ago.

» Try Betplay Casino too
Do not show again

ETH 2.0 is among the most awaited crypto upgrades at the moment.

This upgrade which is expected to offer cheaper gas fees and better scalability to its network is much needed considering that demand has pushed these two factors to their brink. That is the reason why the company’s IT department has been working hard for more than two years to bring in this new era.

However, the name ETH 2.0 doesn’t seem to be doing justice to the major upgrades that are being carried out on the network. As a result, the Ethereum Foundation elected to retire that name in favor of a name that describes better the ongoing upgrades on the blockchain.

This crypto lists post will discuss what the rebrand involved, the reason for the name change as well as the effect of the name change on the price of ETH.

Ethereum 2.0 Has Been Rebranded to Consensus Layer

The company announced in a blog post on its website that it had decided to change the name of its incoming network upgrade from ETH 2.0 to Consensus Layer. The blog post stated the main objective of making a rebrand to the ETH 2.0 name was the need for terminology that reflected the changes being performed on the blockchain.

According to the developers, ETH 1.0 will now be known as the Execution Layer and ETH 2.0 will now be known as Consensus Layer.

This means that ETH 2.0, their current blockchain consensus that is renowned for its dependence on the Proof of Work (PoW) consensus mechanism, will be referred to as the Execution Layer. On the other hand, the much-awaited ETH 2.0 upgrade, which employs the Proof of Stake (PoS) consensus mechanism, will henceforth be referred to as the Consensus Layer.

Ethereum’s developers have been designing an upgrade to the present PoW consensus mechanism to make it compatible with the PoS chain. The process is predicted to be finished by June 2022.

When the PoS consensus mechanism is finally rolled out to the public, the company would not have to depend on the energy-intensive process of mining. Instead, validators will be assigned the role of verifying new crypto transactions by staking their ETH holdings.

Rating: 9.5/10
Supply: 118,780,000 / 200,000,000
Release date: August 1, 2014

Description: Read our review about Ether (ETH) with both positive and negative factors to consider. Learn more now!

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


What is the Reason for the Change of Name?

According to the available information, the company elected to change the name to reduce the misconception and confusion linked to ETH 1.0 and ETH 2.0. An example of a misconception is where the network’s users intuitively think that Ethereum 1.0 comes first then ETH 2.0comes after. Or ETH 1.0 ceases to exist once ETH 2.0 arrives. None of these misconceptions are true because both the Execution Layer and the Consensus Layer will form the Ethereum blockchain.

The other reason why Ethereum opted for the name change was to prevent the number of scams from happening on the network. The company highlighted that several scammers seldom take advantage of the massive numbers of users to defraud unsuspecting people about the network.

Scammers usually trick individuals into believing that they have to upgrade from the present consensus mechanism to the ETH 2.0 upgrade. In many cases, this can create confusion for many users and often ends in users losing their funds.

Did the Name Change Have an Impact on the Price of ETH?

Ether announcing the name change did not have any meaningful impact on the altcoin’s value in the crypto marketplace. ETH had greatly suffered during the 2021 crash, having lost around 40% of its price value. Luckily, its price has been steadily increasing until now.

But this price change is still insignificant because Ether is a long way from attaining the $3,000 mark. This has prompted traders and investors to speculate that perhaps, the bear market is impending.

As for ETH 2.0, now Consensus Layer, it is not yet certain whether the scheduled merge with the Execution Layer will be carried out this year. So far, the project has experienced several delays as the developers encounter new challenges. But the crypto giants maintain that the upgrade is still on track.

by Our Certified Author
Ether Newsflash
    3 Ethereum casinos to rake back those Ether losses on!3 Ethereum casinos to rake back those Ether losses on!
    Thursday, 25 Jul 2024 11:12 am
    So, today we are all about those amazing Ethereum casinos (toplist) and it's an opportune time to mention them since there's been an ETH ETF approval this week but curiously Ether (ETH) is down over the past two days. And, as anybody knows playing a little with your crypto is a great way to rake back those losses and turn them into gains. We've got LTC Casino with it's zero-IP logging and zero KYC. Then there's Goat Casino where you can get 1 BTC (20 ETH) bonus and also has no KYC. Last but not least, if you're after a 65,000 USDT (21 ETH) you should consider Cryptorino. Whichever one you choose, it's certain to be a good choice with super fast sign up...
    Read the full newsflash


    Try a USDT-focused casino today on Tether Bet!Try a USDT-focused casino today on Tether Bet!
    Monday, 17 Jun 2024 8:20 am
    Monday mornings get a bad rap, but it doesn't always have to bring the blues. In fact, sometimes it can bring crypto! That's right, with the new review we've got today you've got a USDT-focused casino called - unsurprisingly - Tether Bet (see more). But it's not only the stablecoin you can deposit and withdraw with, you've also got old classics like Bitcoin, Litecoin, and Ethereum. Plus with USDT you can opt for either the Ethereum network or Tron network depending on your preference. Nice! Register now to check out a bitcoin casino with more options...
    Read the full newsflash


    Ethereum Foundation under investigationEthereum Foundation under investigation
    Wednesday, 20 Mar 2024 5:39 pm
    The Swiss based non-profit organisation with a website looking like you arrived in paradise, Ethereum Foundation, is now under investigation by a state. The organisation stands behind the Ethereum network (ERC-20), which is still the seconds largest cryptocurrency by market cap. Since mainly the U.S investigate those things in-depth, it's Crypto Lists main guess that SEC is investigating this matter in detail. It should be noted that Eric Balchunas from Bloomberg estimate the odds of an Ethereum ETF approval in May to be less than 35%, and that was before the investigation. After, Crypto Lists guess is even lower. But it's mainly Bitcoin that rule the crypto market and get the other coins and tokens to follow. So if you're into ETH, please be cautious. Maybe it's way more fun - to play than to run (to the news) - and see what happened to ETH. Try BetPanda Casino if you feel for relaxing in front of a global and NO KYC casino site. Alternatively, check out ETH Play is you want to play on a...
    Read the full newsflash


    ETH Casino sees big inflows after Ether price dropETH Casino sees big inflows after Ether price drop
    Tuesday, 19 Mar 2024 8:33 pm
    After Ether briefly hitting 4000 USDT a week ago, the price fell quickly to 3310 USDT when writing this. Many casino players and investors are worried that ETH will continue to fall further and rather play on some of the best Ethereum casinos around. Since big ETH investors often like to stay incognito, 100% anonymous crypto casinos such as the highly trusted and top ranked ETH Play and the fast and fast rising ETH Casino are out two...
    Read the full newsflash


    Ether (ETH) deposits up: time to try a top Ethereum casino?Ether (ETH) deposits up: time to try a top Ethereum casino?
    Tuesday, 19 Mar 2024 1:45 pm
    The team here at Crypto Lists has noticed something pretty interesting: more and more people are using Ether (ETH) as a deposit method on a variety of crypto casinos. Perhaps this is an indication toward a possible Ethereum ETF approval or disapproval, since we saw with Bitcoin similar play fluctuations. Moreover, as the price of crypto assets dips in preparation for the halving event perhaps people are deciding to play more? We're not sure of the reasons, but thought it might be a good time to recommend a good Ethereum casino (see all) to you fine friends of ours. How about trying ETH Play (review), where you can use Ether but also other coins too! No KYC, no IP tracking, and complete anonymity guaranteed. Sign up now and see where the...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
  • StaFi logo
     StaFi
    ETHEREUM-TOKEN
  • Shuffle logo
     Shuffle
    ETHEREUM-TOKEN
  • Maker logo
     Maker
    ETHEREUM-TOKEN
  • Mantle logo
     Mantle
    ETHEREUM-TOKEN
Keep up to date with
 

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
exclusives.
* indicates required
CryptoLists.com
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top