The Ethereum foundation has rebranded Eth2 to ‘consensus layer’ for user clarity and to mitigate scams in the anticipated transition.
The team has also renamed Eth1 ‘execution layer’, saying it eliminates the broken mental model among users.
The execution and consensus layers would be termed Ethereum, while beacon chain, merge, and shared chains would be referred to as ‘upgrades’ moving forward.
The team wants to remove the thinking that Eth 1 would not exist once Eth2 is rolled out, saying it was misguiding.
Ethereum is expected to move from the proof-of-work to the proof-of-stake consensus algorithm in the second or the third quarter of 2022.
Ether has plunged about 40% to trade at $2,437 in the past 30 days in an ongoing major correction that has hit stocks and cryptocurrencies.