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Akim (mousticke.eth)
Akim (mousticke.eth)

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Ethereum2.0 : Rebranding

When Ethereum2.0 is coming? Now the sort answer is: Never
But hold on! Let's explain a bit.
Caveat: I won't detail too much about the upgrade of the second layer. There is a lot of articles explaining the general purpose of the Beacon Chain, The Merge and The Sharding. What I want you to be aware, is the naming convention used in the Ethereum Network. More specifically since January 24th 2022.

Because I mentioned the three milestones of Eth2.0, let me give you a short description for them.

Definitions

Beacon Chain

Introduce the proof of stake consensus for Ethereum network. It will be the backbone of the new network upgrade.

The Merge

Mark the end of the proof of work. Because the Beacon Chain is a separated network. But in the end, the Mainnet is going to be merged with the Beacon Chain.

Sharding

Act as a horizontal scaling of the Ethereum network. Each node will run a chunk of the entire blockchain. The big advantage stays in the hardware consumptions/requirements. This will improve the number of transactions.

Network upgrade

Since the end of 2020, we hear a lot of Ethereum 2.0. But the engineers of Ethereum don't use this term anymore and prefer to say, "Execution Layer" for Eth1 and "Consensus Layer" for Eth2.
The two layers is Ethereum

The roadmap of Ethereum consists in scaling the network and introduce the proof of stake consensus. This is the roadmap of Eth2.0. In order to be shipped, the release will take some time. There is, at this time, the beacon chain shipped. We are waiting for the merge in 2022 and the sharding in 2023.

Ok but at this point, why can't we say Ethereum 2.0?
1 - Prevent scam: Malicious actors will take advantage of the new name to create an ETH2 token and tell to the users to change between their current ETH to the "new" ETH because it will be deprecated.
2 - Staking: Staking in the Beacon chain is allowed with ETH and reward are given in ETH. There is no ETH2 rewards. This can create a confusion and we can join the first point of a potential scam.
3 - Models: Eth2 is not a new model. It's just an upgrade. But the overall architecture remains.

Conclusion

Keep in mind that the only network that exists is Ethereum. But the Ethereum network is a merge between the execution layer (Eth1) and the consensus layer (Eth2)

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