BREAKING! ETH 2.0 is no more!!!

[cheezcarls]

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

[masterrex]

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

IMO, I think it is up to everyone in the community because in myself I believe Ethereum is already great even before! until it was changed when the expensive gas problem has become the center of controversy and problem in the Platform. I don't care about those delayed and blah blah about the Eth. 2.0 development all I care about is sustainable, smooth, and much cheaper transaction fees.

[blockman]

I'm not fond of technical jargon about development but upon reading an article about this from fool.com. There's no need to worry for the normies like me, there will be no new token and it's just a rebranding that they've agreed upon. Yes, there's no more ETH 2.0 but there's now the Ethereum consensus layer, CMIIW. But with the said rebranding, it's still aiming to lessen the fees and the upgrade that we needed to see despite somehow the increase in fee is still tolerable, the aim is just to end it or at least reduce it just like before.

[Ceyflix-Rez]

Will this stop the PoS upgrade and get the PoW algorithm back in check? I guess not, this doesn't change anything only the name changed to me, high gas fee is the major problem of Ethereum but abandoning PoW algorithm won't do any good

[takngantuk]

"Henceforth, Eth1 will be known as the "execution layer" and Eth2 will be the "consensus layer." Whereas the execution layer is where all the smart contracts and network rules reside, the consensus layer makes sure all the devices contributing to the network are acting in line with the rules—and penalizing those that don't. Together, the two layers will merge into just plain ol' Ethereum after the consensus layer is ready to replace the current mining system."

so that means there is no new network?. this is just network upgrade by making it 2layer? so that means the speculation about ethereum 2.0 is over. ethereum 2.0 will never be released, and our long wait has been in vain.

[kaya11]

"Henceforth, Eth1 will be known as the "execution layer" and Eth2 will be the "consensus layer." Whereas the execution layer is where all the smart contracts and network rules reside, the consensus layer makes sure all the devices contributing to the network are acting in line with the rules—and penalizing those that don't. Together, the two layers will merge into just plain ol' Ethereum after the consensus layer is ready to replace the current mining system."

so that means there is no new network?. this is just network upgrade by making it 2layer? so that means the speculation about ethereum 2.0 is over. ethereum 2.0 will never be released, and our long wait has been in vain.

I was saddened about eth 2.0 because my rig won't be used anymore, I am miner and this news is maybe good for me if I could keep on making good revenues on my rigs. If somehow another layer and more shares to be given to miners the this will be a really good news for small time miners like me.

[lobo13hf]

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

But you may miss this point that i got it from the article.

Nothing really changes in terms of the roadmap. Staking and sharding to ease network congestion are still on the way,

that means a solution to fix the problem that has been facing by ethereum since a long time ago is still happening and it's still in the progress. It's clearly said that rebrand will be used to avoid the scam. We know that so many scammers are taking the advantage from anything that became massive.

I have no problem with rebrand as long as the technical problem will be totally solved.

[GreatArkansas]

Ethereum 2.0 is more likely hype for Ethereum but I believe it is still a thing even there will be more updates we will see like this.
To be honest, Ethereum is already a smart contract platform for me, but there are problems, and here's the Ethereum team or contributors solving those problems such as scalability.
With this Ethereum 2.0, I believe it will still solve the problem of Ethereum, so no need to worry for me.

[Bttzed03]

It doesn't really change what I think of Ethereum.

   Eth1 → execution layer
    Eth2 → consensus layer
    Execution layer + consensus layer = Ethereum

Let’s explore why.
Tl;dr;

    The terms Eth1 and Eth2 (Ethereum 2.0) are being phased out
    Execution layer (Eth1) and consensus layer (Eth2) are the new terminologies
    The roadmap to scale Ethereum in a decentralized way remains the same
    You don’t need to do anything

What's important to me is they do not change the main reason for the change which is the transition to POS and improvement of network scalability. There will be changes in the approach to switch but this is basically renaming.

[Kemarit]

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

I don't think there will be a big impact, it was just a rebranding. What's important is that they can deliver on time because this is what their critics is singing about the people behind as there have been delays after delays.

So again, if you look closely, there is no change, perhaps just the semantics, but everything is still Vitalik from ground up.

[Abiky]

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

I don't think that is a good decision made by Vitalik and the Foundation itself. It will only bring more confusion to the public. Changing names/brand now when ETH 2.0 was announced for a long time, will make people believe that ETH will not undergo a major upgrade/improvement. I can imagine how big the hype would've been by naming ETH's next upgrade "ETH 2.0" (instead of the "consensus layer").

Now that the name's been changed, we're going to have to see how the market will behave in the long term. Crypto prices are still bearish these days, so if ETH's next upgrade activates this year, there won't be much difference in ETH's price. That's the least reason to worry about, since crypto is all about usability. People are sick and tired of paying high gas fees on the ETH blockchain, so the PoS upgrade is a must. The longer it takes to become a reality, the more ETH will lose ground on the market. What matters is decentralization. As long as ETH is able to stay decentralized even after adopting PoS, there should be nothing to worry about. Just my opinion

[zonefloor]

As far as I understand from the article, 2.0 seems to have only been renamed, not cancelled. The reason for this is that it comes with another system and name to remove the staking network and various bottlenecks. I do not think that this change of ETH will harm it, on the contrary, this is news that will make miners happy. But whatever they are doing now, they should do it as soon as possible because we will be in a position to be unable to transact with these network fees. At the slightest news, the system gets clogged and we have to deal with very high transaction fees.

[og kush420]

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

From what I understand, the main assumptions do not change. First of all, it is about changing from Proof of Work to Proof of Stake and it will be done. As for me, it looks more like a simple rename with cosmetic fixes and nothing else.

[wheelz1200]

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

Not surprising honestly.  All these gimmicks are just chess moves to try to stay relevent but in the grand scheme of things it's all pointless moves.  Problem that eth has now is what happens if nfts and token releases don't gain any traction in a blue bear market.  The next 1-2 years will be very telling for eth as far as where they will be positioned in the top tier of coins.

[MFahad]

They will definitely do some good for high gas fee. Most of Eth gas fee surf on Opensea and Decentralized exchange. If Solona and fantom are added to opensea,the demand of Eth will reduce.
I surprised to see this News, why they don't care of this. If they fail to control high fee then they will be deprived of high quality project which are now launching on other networks.

[Erdogan]

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

Not surprising honestly.  All these gimmicks are just chess moves to try to stay relevent but in the grand scheme of things it's all pointless moves.  Problem that eth has now is what happens if nfts and token releases don't gain any traction in a blue bear market.  The next 1-2 years will be very telling for eth as far as where they will be positioned in the top tier of coins.

When it comes to renaming from ETH 2.0 to the consensus layer, it could actually just be a little chess move. However, when it comes to switching from PoS to PoW, it is a very big step forward. Once everything is in place, all other blockchains will be two years behind Ethereum. Of course, only if this change eliminates the problem of high transaction fees.

[malcovi2]

Will this stop the PoS upgrade and get the PoW algorithm back in check? I guess not, this doesn't change anything only the name changed to me, high gas fee is the major problem of Ethereum but abandoning PoW algorithm won't do any good

if you read the article, it will just be a rebrand. POS and sharding will still continue and if Eth remains to be a PoW, it will be a big problem in the future since some countries are already proposing in banning crypto mining activities. its a wise choice for Eth to continue on the pos mechanism.

[Pejoh Asu]

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

Ethereum actually had a good time to beat bitcoin, sadly the high cost of gas made a lot of devs. who switch to BSC or Polygon and this is a tough challenge for ETH in the long term, for whales the cost of ETH gas is certainly not a problem, but they are missing out on another big market.

[sovie]

It looks like our hopes for ETH 2.0 is no more! They’re gonna rebrand it instead as consensus layer.

Source: https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand

What’s your opinion about this guys? You think this is a good decision by Vitalik Buterin? I know that there will be mixed opinions about this decision, so I wanna hear it from you guys. Thanks!

Ethereum actually had a good time to beat bitcoin, sadly the high cost of gas made a lot of devs. who switch to BSC or Polygon and this is a tough challenge for ETH in the long term, for whales the cost of ETH gas is certainly not a problem, but they are missing out on another big market.

If Ethereum wants to move forward or even survive, transaction fees must be lowered. The future of ETH depends on smart contracts and how many projects will want to exist on the Ethereum platform. I believe that Ethereum has great potential, but if the upcoming fork does not reduce the transaction fee to a level similar to other blockchains, I am afraid that this may be the beginning of the end for ETH.

[Reid]

What's important to me is they do not change the main reason for the change which is the transition to POS and improvement of network scalability. There will be changes in the approach to switch but this is basically renaming.

Thank you. Now I feel better.
Just a moment ago upon reading the news I was in panic of what should I do. But it came from them, nothing should be done. You are correct it's just mere rebranding.
But how will the investors react to this will be out of their control especially if some of them really know nothing about the deep meaning of it, or the nerdy approach. Make it simple that can be understood by an average Joe and spread it all over social media.