Ethereum developers have been working hard for nearly two years to create this new era with Ethereum 2.0.  However, there has been a lot of confusion with terms like Ethereum 1.0 and Ethereum 2.0. Thus, the idea of calling the most anticipated upgrade as Ethereum 2.0 has been dropped.  There is no more Ethereum 2.0.  It will only be: Execution Layer and Consensus Layer.

Ethereum.Org expressed: “We’ve removed all uses of ETH2 Terminology.”

However, someone who looked in to Coinbase stated, “Coinbase hasn’t removed ETH2…you can still stake indefinitely for something that may never come out.”

Frustrated Skeptics were like, “The solution is to abandon obsolete tech, such as BTC and ETH, for carbon neutral tech that already exists. Renaming the decades-long development of an obsolete token does nothing to solve real problems.”

Meanwhile, those who have staked ETH were like: “When can we unstake tokens? After the merge or after data sharding?”

Likely, they will enable withdrawals shortly after the merge, and then it’s about focusing on data sharding/DAS.

In response to the name change some people felt: “This is just more confusing many people have understood tech upgrades numerically throughout history ie iPhone 1-13 Web 2.0 to 3.0 using ETH 2.0 terminology is simple for the community to understand and validates the upgrade.” Further, “Not to mention in terms of basic internet searches – it’s much easier to search ETH 2.0 and get a result rather than someone mixing up execution layer or consensus layer”

However, it will hence forth be “Execution Layer” instead of Ethereum 1.0 and “Consensus Layer” instead of Ethereum 2.0.

So, there will be no more ETH 2.0.  The rebranding of the terminology is important they say as it prevents confusion between “Ethereum 1.0” and “Ethereum 2.0” which are now rebranded to “Execution Layer” and “Consensus Layer.”

Previously, the name of the upgrade was “Ethereum 2.0” and it is the most anticipated updates in crypto.  The upgrade is expected to bring in better scaling and cheaper pricing to the network.

They have reportedly made these decisions as the term ETH 2.0 does not seem to any longer justify the improvements, which have been made to the network.

Ethereum Foundation have announced that it will discontinue the term ETH 2.0 to better describe the work being done on the network and therefore the term “consensus network.”  They want the term describing the process to reflect the actual process in the network.

Why were they using the term Ethereum 2.0 all these days?

Ethereum have always been focusing to scale the network in a decentralized way.  And, they have also been working to transit from “PoW” to “PoS”.  Previously, the POW to POS transition tasks and the scaling strategies were done individually.

However, both of these efforts were then combined to be a single road map under the umbrella term Ethereum 2.0.

Thus, the roadmap stated that the existing proof-of-work chain (Eth1) would eventually be deprecated via the difficulty bomb. And, further the users and applications would migrate to a new, proof-of-stake Ethereum chain, which will be known as Eth2.

Has it anything to do with Ethereum Price?

The announcement of the new terminologies did not influence the price of ETH in anyway.  After the crash the price has been trending a bit upward; however, insignificantly.