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Eth2.0 Renamed to Consensus Layer

Ethereum 2.0 has been one of the most awaited blockchain network developments in the crypto-verse for what it will change for the prime DeFi network.

Ethereum 2.0 Phased Out

Ethereum’s originally planned Proof of Stake (PoS) network, Eth2.0, has changed its name in order to reflect its relevance further.

Ethereum Foundation, the organization behind the blockchain network, announced on January 24 that all uses of the Eth2 terminology have been removed from the network’s official website. Instead, Eth2 has been renamed to the consensus layer with Eth1 being the execution layer. The foundation’s blog revealed that core developers have been using this terminology since late 2021.

“Shortly after this proposal, Danny Ryan explored how we could accomplish this by leveraging the existing Eth1 clients in his Eth1+Eth2 client relationship post. This would massively reduce the development work required to deliver a post-merge system and leverage existing clients, which had been battle-tested for years on Mainnet,” stated the official blog from Ethereum foundation revealing details of the renaming.
Source: Ethereum Foundation Blog
“Around the same time, research on rollups as a viable and secure way to scale Ethereum proved promising. Instead of waiting on a complex, uncertain scaling solution years away, we could shift the focus towards scaling via rollups instead of sharded execution,” the blog continued.

The network’s Q1 2022 roadmap has the following developments planned out:

  • Rebrand ‘Eth2’
  • Issue beginner’s guide on running a node
  • Simplified staking
  • Dedicated page that introduces Web3
  • Increase accessibility
  • Ecosystem Support Program (ESP) website redesign
  • Translation resource to make the website accessible in as many languages as possible
  • Hiring of a product designer
  • Wallet pages to be refined

Additionally, the Ethereum network hit a new all-time high hash rate of 1,010,869.62 as per data from Etherscan. This is the first time the hash rate of the network touched the million mark. As previously reported by BSC News, the network’s hash rate surpassed the 900,000 levels for the first time in its history in early December 2021.

What is Ethereum?

Ethereum is the biggest smart contract network both in terms of utilization and total value locked (TVL). It is the first blockchain network to enable the deployment of decentralized applications (dApps) and non-fungible tokens due to its sophisticated smart contract technology. The TVL on DeFi protocols on the network is currently at $116.76 billion, as per data from DeFiLlama.

Find more about Ethereum here:

Website | Twitter | Youtube | Whitepaper | Github |

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