Ethereum changed the name of its original roadmap from Ethereum 2.0 to the consensus layer. It further confused people about their progress in upgrading the protocol. Or it is just a way to cover up their screw-up in the upgrade process.
Ethereum 2.0 roadmap has changed. ETH 2.0 now is a consensus layer. Naming does not that important, but there is not much progress on how Ethereum 2.0 will eventually roll out.
Here is a 1 min summary of the article if you want to skip the reading.
From the legendary, Ethereum 2.0 is a better version of Ethereum 1.0. Everyone is looking at the upgrade. However, since the announcement, it had been almost 2 years, nothing had happened on the protocol despite the marketing being very successful in drawing more attention to Ethereum itself.
Proof of Stake
Another myth of a better version of Proof of Work, Proof of Stake sounds like to fix everything. Proof of Work is lacking. Yet nothing has really been implemented and tested yet.
Ethereum Makes a Facebook Move
Facebook changed its name to Meta and claimed to enter Metaverse. Many speculations point out they want people to forget about what they did in the past to lure people into giving privacy for free and for them to exploit. Their brand is damaged, and Meta May change such perception. Ethereum likely tries to do the same thing. Forget about Ethereum 2.0. We should focus on the consensus layer now or whatever they really mean.
The most prominent challenge Ethereum faces now is a very high gas fee. It kills the momentum of users to adopt the protocol and conduct any work on the blockchain likely. Everything is costly and people will not like to use it unless it is necessary.
Many other new solutions are introduced, whether through new layer1 technology such as Cardano and Solana or layer 2 technology such as Polygon. People will switch their focus to a low-cost environment and develop their products on top of such blockchain technology. Ethereum will be left out and progress slower than competitors.
The gas fee is killing Ethereum’s future, and changing the roadmap name will not fix it magically. Ethereum is facing now it will be challenging to become the most popular blockchain in the crypto-verse.
This article is also published in Cryptologist as parnership publication.
Photo by Javier Allegue Barros on Unsplash
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Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.