Ethereum developers will say “Never” when someone asks them about Ethereum’s 2.0 release.
Sadly, this is horrible news. Why?
According to a statement from the Ethereum Foundation (ETH), It will remove Ethereum 2.0. For the sake of the term consensus layer, this is taking place.
The new name reflects the reality that Ethereum 2.0 is more of an improvement to the current network than a completely new network. Substantial change in the future will benefit the company tremendously. Rather than using proof-of-work, Ethereum is now switching to the faster and more scalable proof-of-stake protocol. It’s time to say goodbye to mining. Which high-powered computers on the network compete to validate transactions in order to generate additional ETH for themselves.
In the near future, substantial change is more likely. This will depend at the client level. Consent layer will become the Phase 1. On the other hand, “execution layer” will be ETH. The whole network is using consensus to enforce the protocol rules. Those who violate them will likewise face repercussions. The execution layer is where all smart contracts and rules reside. It will be necessary to establish two levels. This will allow Ethereum mining to continue once a consensus has been reached.
Ethereum is Evolving
Because of the way the Ethereum blockchain has evolved over time, as the Ethereum Foundation points out in its blog, this move was inevitable.
The beacon chain, which was once known as Ethereum 2.0, became online in December 2020 with its Phase 0 launch. Ethereum users can now stake their coins in order for them to help keep the network safe. They designed Beacon Chain for this type of process. Much to the way someone can buy a long-term government savings bond. As a result, they see a return on their capital.
When Ethereum 2.0’s beacon chain was complete, it spurred a revival of research projects on the proof-of-work chain, according to the foundation. After much deliberation, developer Danny Ryan came up with a solution. Which is to allow Ethereum clients currently running on the network to quickly transition to proof of stake.
In the summer of 2013, the mechanics of proof-of-stake became clearer. It took Ethereum 2.0 engineers some time to phase it out.
The roadmap hasn’t changed at all. Staking and sharding in 2022 will come to life. This is to alleviate the congestion. Rebranding the network in order to prevent scams like people swapping their ETH for Ethereum 2.0, the foundation is removing the impression that it is fundamentally different.