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.

Ether Newsflash
    Ether transfers are down for SwissBorgEther transfers are down for SwissBorg
    Tuesday, 6 Sep 2022 4:29 pm
    SwissBorg outbound and inbound transactions are usually among the quickest for most cryptocurrencies. A BNB transfer can take less than 30 seconds, and ETH is usually quicker or at least just as fast. However, when trying to do an outbound transfer from the Read the full newsflash


    Bitcoin bounce at 20k, ETH at 15kBitcoin bounce at 20k, ETH at 15k
    Saturday, 27 Aug 2022 2:21 pm
    Those looking to buy Bitcoin just got a new floor to look out for. Bitcoin was slightly below 20 000 USD, before bouncing back to 22 000 USD. For those planning to buy Ether (ETH), the price was also the lowest in a few weeks, reaching just below 1500 USD before bouncing back. Now, it's important to keep track of the...
    Read the full newsflash


    Poloniex + Ethereum PoW = TruePoloniex + Ethereum PoW = True
    Friday, 5 Aug 2022 12:08 am
    The 32 year old founder of Tron blockchain and the owner of Poloniex, Justin Sun, has officially given support to the Ethereum´s PoW) hard fork. Before the merge of Ethereum blockchain, Justin is not the only supporter of Ethereum Proof of Work. While there are only around 2050 Twitter followers today, Crypto Lists expects this number to increase significantly the coming month. Mr Sun has promised to donate some of his ETH to the PoW ecosystem, so it can be developed further. Finally, holders of Ethereum will be able to exchange between either Ethereum as PoW or...
    Read the full newsflash


    Ethereum Classic is spiking 50% this weekEthereum Classic is spiking 50% this week
    Saturday, 30 Jul 2022 4:30 pm
    The hard-forked version of Ethereum, Ethereum Classic, has spiked 50% in a week stemming from fundamental factors such as the Ethereum Merge and a new investor. The highly anticipated Ethereum merge involves transitioning the Ethereum b...
    Read the full newsflash


    ETH - Up 45% in a week, but what´s next?ETH - Up 45% in a week, but what´s next?
    Tuesday, 19 Jul 2022 6:48 pm
    After touching both 1600 and 1500 USD during the last 24 hours, Ethereum is in a clear uptrend after breaking the important 1500-level yesterday. If holding above that level for a few days, Crypto Lists analyst Stanko think that 2000 USD is the next major resistance for the second most traded cryptocurrency. If you are into leverage and CFDs, check out Skilling (review) that offer super tight spread for ETH. Sign-up for Skilling now! Alternatively, if you prefer to trade without leverage then try Paxful instead, a...
    Read the full newsflash

Recent crypto sites
Recent crypto coins
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.