BREAKING! ETH 2.0 is no more!!!

[jeungo]

So video chip manufacturers are very satisfied with their sales. You can see in this the support of the coin rate by video card developers. And people from the ether coalition either say that it is necessary to preserve the environment, or they suddenly forget about it and begin to increase the capacity of the network again.

[ice18]

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

They cant fix the scalability problems using POW, most L2 chains are using POS thats why they are able to promise the speed that eth cant achieve by now, POS is much lesser gas cost and fast than POW, small Ethereum users who cant afford from high gas cost are finding ways to use l2 because of this problems.

[dansus021]

i have opinion is little bit more conspiracy tho  maybe the founder of eth or big dev in ethereum have largest mining farm so if they rushed the 2.0 they just kill the farm  and yes people keep screaming about the gas fee but in the other hand layer 2 chain and layer 1 the eth killer keep poping up

[JrRini]

i have opinion is little bit more conspiracy tho  maybe the founder of eth or big dev in ethereum have largest mining farm so if they rushed the 2.0 they just kill the farm  and yes people keep screaming about the gas fee but in the other hand layer 2 chain and layer 1 the eth killer keep poping up

  I agree with you because if Bitcoin 2 comes, the value of the current coin will decrease.  Because if one thing is the second thing, the value of that thing decreases and besides, there is a gas fee. The purchase of ether token for the ether of gas fee has almost stopped, so the owner of Bitcoin 2.0 may have stopped his project considering this.

[Ngewex Yuk]

I've been hearing about the issue of ETH 2.0 for more than a year because of the unreasonable transaction fees for the majority of users, before I wrote this post I tried to send ERC-20 tokens worth $140, but the transaction fee via Metamask was always above $35, and I canceled the transaction because transaction fees are too expensive, if the cost of ETH gas does not go down, it is certain that this year's ETH position will be out of the top 10.

[avikz]

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!

The article is a bit technical. But what I understood, Vitalik didn't really change the roadmap. His goal is to reduce the gas fees and move away from POS, is still pretty much on. But the previous method is scrapped and a new method is added to reach the same goal.

The article says,

Nothing really changes in terms of the roadmap. Staking and sharding to ease network congestion are still on the way, the former projected for 2022 and the latter for this year or next. But the foundation says the rebrand will help avoid scams, such as people getting hoodwinked by those telling them to exchange their ETH for ETH2, while doing away with the impression that the network is completely different.

Vitalik is a clever man. He understands the fact that the gas fees is really killing ETH. So I am sure he will eventually address this concern.

[Slow death]

from what I understand nothing has changed in relation to the technical aspects that will be implemented so this news is not very worrying in that sense, but why are they constantly giving names and changing things? This is what worries me besides the fees being high that I don't even use ETH to withdraw at any exchange, I prefer to use another altcoin that has cheaper fees

Vitalik didn't really change the roadmap. His goal is to reduce the gas fees and move away from POS, is still pretty much on. But the previous method is scrapped and a new method is added to reach the same goal.

they've been promising to reduce gas fees for a long time, I hope they get it because the longer they
 take other people to other projects

[barbara44]

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.

Even on current situation where fees on eth is bloated, there are still lots of projects that are coming out under them so not they wont die but it does not look right if they wont fix the problems in the fees because so many people have waited for that. People have waited for eth 2.0 to finish because they think that this will solve the problem in the fee and then they will know that there will be no more eth 2.0? That sucks.

I guess this is also the time to leave eth, I mean do not expect anything good on them anymore because you will only get disappointed and besides we still have a replacement and it works pretty well better than eth.

[Abiky]

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.

I don't think other blockchains will be "two years behind Ethereum" just because of a simple PoS upgrade. Competing chains not only have PoS or DPoS as their consensus layer, but also additional features not found on Ethereum. They may be less-decentralized, but that's not a cause for concern among everyday people. Convenience is what matters most these days, so people will use the chain that's the fastest and cheapest one in the world. It's no wonder why Solana (SOL) went all the way to the moon in an instant. "ETH 2.0" will solidify Ethereum's position on the market, but not to a point where it will destroy the competition altogether. The upgrade will only encourage competing chains to strengthen their development efforts in order to stay ahead of the game.

What matters is that ETH's gas fees decline so mainstream adoption for the cryptocurrency can rise back to its former glory. As long as it's economically-feasible to use Ethereum, nothing else matters. Just my opinion

[Anonylz]

i have opinion is little bit more conspiracy tho  maybe the founder of eth or big dev in ethereum have largest mining farm so if they rushed the 2.0 they just kill the farm  and yes people keep screaming about the gas fee but in the other hand layer 2 chain and layer 1 the eth killer keep poping up

They will risk the satisfaction of the entire eth community for their personal benefit! I highly doubt that, I think this is more technical than just satisfying personal gains,
If you already notice the time frame at which this was supposed to be live and the postponement, you will agree they were probably having a hard time delivering,  since the main goal remains unchanged just the approach towards achieving it has, I don't think there is much cause for alarm, the devs know what will be best for the network I believe.

[Ngemmeng]

I have a lot of ERC20 network altcoins and I hope that someday ETH 2.0 will be released and gas costs can turn out to be much lower. but it seems that all my waiting and hopes will be in vain if ETH 2.0 is really not released. but I still hope that someday the ETH network fee will be much lower so I can make transactions with normal fees.
many development teams have opted for the BSC SOL or MATIC networks because of the significantly lower network costs, and if this continues they could of course threaten ETH's position as the king of altcoins.

[virasog]

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!

So will it impact on the Ethereum network ? Are we not shifting to PoS ? If so, then this mean that the high gas fee probelm will remain with Eth for a considerable long time now until a new solution is developed?

I wonder if the recent price drop in bitcoin and ethereum is because of this news 

[fadil46]

Of course this is sad because most of my assets are ERC-20, but I hope there is a good solution to overcome the expensive gas fees, for example the presence of a special DEX that can make transaction fees cheaper.

The average DEX for the ERC-20 network is expensive and there is no way for anyone to get around the cheap transaction Gas fees except having to be on another network or waiting for Gwei fees to be cheap again on the ERC-20 network.

[Al Qiyamah]

Actually there is nothing to worry about with this rebranding, where later Ethereum 2.0 will run together with a consensus layer, where both have their respective roles with one goal is to improve the Ethereum network and better protect its users from fraudulent actions on the Ethereum network.

[Finestream]

Actually there is nothing to worry about with this rebranding, where later Ethereum 2.0 will run together with a consensus layer, where both have their respective roles with one goal is to improve the Ethereum network and better protect its users from fraudulent actions on the Ethereum network.

This might be a better and faster solution on fixing the current problem, its only the name or brand being changed, but the goal is still the same. Although there are problems seen before Eth2 rebranding happens, but i think the developers team will find ways on how to manage this. Vitalik knows that the ethereum competitors have lower gas fees offered so they come up with this rebranding to make ethereum a more productive smart network.

[Sanitough]

I think this is bad news, because ethereum 2.0 promised to immediately fix the transaction gas, we canceled it, and for future updates there is no more ethereum 2.0 or hope for ethereum gas to return to normal. maybe some of us really have to change the network to BNB or SOL.

There will be no longer ethereum 2.0 as it will be rebrand into "Consensus Layer." And if you go deeper with the news, you will see that there are more good features this rebranding offers. Hopefully, Vitalik's team will be responsible to address the main problem as sooner the better so that ethereum gas fees will not be considered for rich users only but definitely for all. Maybe we could just trust the developers team and wait for a positive result.

[blockman]

I think the presence of ETH2.0 is not a profitable thing for ERC, if what is achieved is low cost, of course there are platforms that are cheaper than ETH, devs. Of course you know the expensive transaction fees are in accordance with what the user gets.

It's not about being profitable to the devs or to everyone. But the purpose of ETH 2.0 is to scale things up and change anything that makes the fee too much.
But there's no need to think about eth 2.0 anymore. They've re-labeled it into a new name but still the same purpose. They have to apply that as soon as possible which we've been waiting for a year or two ago, for that long.
We're good to choose the other networks that have cheap fees and that's actually a good choice for us. And eth being a stable top altcoin, it will remain there and despite the high and unstable fee it has, many will remain.

[goldkingcoiner]

Ethereum in my perspective has been a failed project, barely clinging on, thanks to its former popularity and large market cap. There are better chains that have already started like Solana. By the time we see any improvement to Ethereum, it will be already too late. Unless those changes are coming sooner than later Ethereum will be left behind. Currently it would seem Binance Smart Chain is the best popular alternative for token smart contracts.

Although I still dislike BSC for not being as decentralized as Ethereum.

[evichi]

One of the reasons behind the concept of Ethereum 2.0, in my opinion, is to reduce gas fees and generally make Ethereum more user friendly. The consensus layer or other terminology they are using to describe what they intend to do or what they are doing already is not really an issue. What matters most to me is: Will they make Ethereum better? Will the gas fees be lower or even lower than BSC network? So far they achieve a positive target that will enhance the quality of Ethereum, then whatever terminology it is they are using should not be the issue. All that people want is a better Ethereum especially - reduction of gas fees. In addition, one of the reasons they gave, as explained on the website (https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand) for deviating from Ethreum 2.0 is to eliminate scam, which I think is really major - looking at the current trend of scam activities in crypto industry.

[zasad@]

One of the reasons behind the concept of Ethereum 2.0, in my opinion, is to reduce gas fees and generally make Ethereum more user friendly. The consensus layer or other terminology they are using to describe what they intend to do or what they are doing already is not really an issue. What matters most to me is: Will they make Ethereum better? Will the gas fees be lower or even lower than BSC network? So far they achieve a positive target that will enhance the quality of Ethereum, then whatever terminology it is they are using should not be the issue. All that people want is a better Ethereum especially - reduction of gas fees. In addition, one of the reasons they gave, as explained on the website (https://decrypt.co/91149/ethereum-foundation-kills-eth-2-consensus-layer-rebrand) for deviating from Ethreum 2.0 is to eliminate scam, which I think is really major - looking at the current trend of scam activities in crypto industry.

I agree with swami that changing the name will not change anything. Ethereum 2.0 will not solve the fee problem in the beginning. In a further update, we are promised the launch of 64 shards, which will increase the TPS of the ecosystem to 2000. Further, the number of shards will increase. But don't expect low L1 fees for the next 2 years.