While Ethereum developers continue to work on scalability, they no longer use terminologies such as "ETH 1.0" and "ETH 2.0". This development was also stated in the first quarter roadmap for 2022.
After the changes, Ethereum 1.0 is now the "Execution Layer", while Ethereum 2.0 is the "Consensus Layer".
The name Ethereum will henceforth be expressed as the sum of the Execution Layer (ETH 1.0) and the Consensus Layer (ETH 2.0). The developers stated that Ethereum investors do not need to take any different steps on this issue.
As a matter of fact, Ethereum has always announced improvements in network scalability and the transition to the “Proof of Stake” mechanism as part of its roadmap. Previously, while the developers were working on these two areas separately, around 2018, the two areas were combined and named "ETH 2.0".
According to the roadmap for the development of the altcoin, ETH 1.0, a “Proof of Work” chain, will eventually be eliminated using a difficulty bomb. Users and applications on the network will be migrated to the new Proof of Stake Ethereum chain, formerly known as ETH 2.0.
So Why Was This Change Made?
According to the developers, the name ETH 2.0 was perceived as confusing for newcomers to the market. New users naturally thought that ETH 2.0 would be used after ETH 1.0 or that ETH 1.0 would no longer exist with the transition to ETH 2.0. However, according to the developers, both of these assumptions are not correct.
As ETH's roadmap took shape, the developers realized that the concept of ETH 2.0 did not accurately reflect this roadmap. Managers think that choosing the right word is important for ETH to be understood by a wider audience.
However, the name ETH 2.0 was also abused by some scammers. The scammers had seized the tokens of cryptocurrency users, giving false information that investors should switch to ETH 2.0.