In order to avoid scams and confusion, Ethereum is scrapping the idea of 2.0 as a revamped name. Instead, once the world’s 2nd largest cryptocurrency completes and unveils its new and improved version, they will speak in terms of layers.
Originally, the plan was to go with 1.0 and 2.0, but concerns about scammers capitalizing on user confusion, developers decided to use the terms “execution layer” (for the current rendition) and “consensus layer.”
The consensus layer will be a result of a merging of the current proof-of-work Ethereum chain with the future proof-of-stake Ethereum chain. Both chains will be part of a single Ethereum network. Users should not notice any change other than the much-anticipated lower gas fees and quicker transaction rate.
The tentative schedule calls for June 2022 according to “Crypto Briefing.”
Despite Ethereum administrators having forward thinking, expect scams anyway. One potential scam will be unsolicited direct messages or emails calling on you to migrate your funds to the new Ethereum network. There will be NO need to migrate anything. If you hold Ethereum in a wallet or exchange, you will not need to do anything. Your funds will remain intact and your Ethereum will simply be automatically integrated into a better network.
