‘Ethereum’ vs ‘Eth 2’: What’s in a Name?

The Ethereum Foundation announced successful a blog post that it is astir clip to enactment an extremity to “ETH2” and the nomenclature that seems to abstracted the proof-of-stake concatenation from the proof-of-work chain. While it made consciousness erstwhile Ethereum’s roadmap looked to physique retired a abstracted proof-of-stake concatenation and simultaneously destruct the proof-of-work concatenation arsenic we cognize it, the roadmap present involves a Merge betwixt Eth 1 and Eth 2, pairing the existent execution (application) furniture connected the proof-of-work concatenation with the statement furniture of the Beacon Chain.

In the foundation’s ain words:

• Execution furniture + statement furniture = Ethereum

So overmuch absorption connected the terminology for the method specifications of Ethereum whitethorn look similar overkill. However, making the ample favoritism betwixt Ethereum 1.0 and Ethereum 2.0 tin beryllium confusing, leaving immoderate mundane users wondering if Ethereum 2.0 volition travel with a caller token oregon if they volition person to migrate their balances to a caller concatenation and plentifulness of different implications that scammers would emotion to usage to their advantage.

Additionally, it volition lone go much inaccurate to notation to the execution and statement layers arsenic abstracted versions of Ethereum the person we get to integrating the 2 layers.

If you are funny successful taking a stroll done the past of Ethereum, I urge speechmaking the March 28, 2021, variation of Ben Edgington’s What's New In Eth2. Ben breaks down however Eth 2 came to beryllium and however changes successful the roadmap person made naming clarity astir intolerable implicit the years.

As we determination person to the Merge (fingers crossed for aboriginal this summer) and Eth 2 and Ethereum go synonymous, we astatine CoinDesk volition besides statesman to measurement backmost from utilizing Eth 2 without further context. Instead, we volition travel the Ethereum Foundation’s pb successful referring to it chiefly arsenic the statement layer.

Welcome to different contented of Valid Points.

The pursuing is an overview of web enactment connected the Ethereum 2.0 Beacon Chain implicit the past week. For much accusation astir the metrics featured successful this section, cheque retired our 101 explainer connected Eth 2.0 metrics.

Disclaimer: All profits made from CoinDesk’s Eth 2.0 staking task volition beryllium donated to a foundation of the company’s choosing erstwhile transfers are enabled connected the network.

• Popular cross-chain bridging exertion Multichain was hacked for implicit $3 cardinal successful idiosyncratic funds. BACKGROUND: Cross-chain bridging continues to beryllium 1 of the riskier subindustries successful DeFi, particularly arsenic request for alternate chains grows. As users look to import non-native tokens to different furniture 1 platforms, bridging contracts volition instrumentality connected much and much risk. The DeFi manufacture looks to developers to find amended solutions for furniture 1 cross-chain bridging.

• An OpenSea bug allowed attackers to acquisition NFTs astatine aged listing prices and instantly merchantability them for profit. BACKGROUND: While users whitethorn person changed oregon accrued their listing prices, aged listings inactive existed astatine the blockchain level. Listings are lone unapproved erstwhile they are canceled oregon expired, leaving respective NFT holders exposed for onslaught and wondering wherefore their NFTs sold beneath marketplace value.

• The chain divided connected Kintsugi, Ethereum’s proof-of-stake trial network, has been resolved and finality was restored. BACKGROUND: Marius van der Wijden released a fuzzer connected the trial web to battle-harden it for aboriginal idiosyncratic activity; this caused a three-way concatenation divided betwixt execution clients Geth, Besu and Nethermind, which were besides followed by 2 of the statement broadside clients arsenic well. Ethereum-facing teams stepped backmost to ticker the concatenation divided alternatively of instantly addressing the problem, thereby gaining further penetration connected however to respond to aboriginal issues connected mainnet.

• Ether issuance from artifact rewards fell beneath that of bitcoin, arsenic a effect of EIP 1559. BACKGROUND: The non-technical excitement astir EIP 1559 was the anticipation that transaction interest burns would offset the autochthonal asset’s inflation. Block rewards are an important mechanics to financially incentivize miners and validators to unafraid the concatenation successful bully faith. The interest pain allows the web to proceed paying artifact rewards successful perpetuity without worrying astir alienating ether holders and artifact abstraction consumers via inflation.

Valid Points incorporates accusation and information astir CoinDesk’s ain Eth 2.0 validator successful play analysis. All profits made from this staking task volition beryllium donated to a foundation of our choosing erstwhile transfers are enabled connected the network. For a afloat overview of the project, cheque retired our announcement post.