BREAKING! ETH 2.0 is no more!!! | Bitcointalksearch.org

Abiky

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Quote from: darewaller on February 12, 2022, 03:20:16 AM

I am yet to read any news or article on this there new consensus layer. Whatever decision that they have made now, I know that it is something that they have discussed among themselves before deciding to carry it out. They had a reason why they started the ETH 2.0, and I believe that whatever purpose they have for the new update that there are releasing now is going to be something that will also fill up the gap for what that ETH 2.0 would have accomplished.

A lot of us has complained about the high gas fees that we experience when using ethereum for transaction, let’s hope that whatever update they are rolling out would solve this problem and any other problem that ethereum is having.

The "consensus layer" is nothing new but rather a "rebranding" by the ETH Foundation. PoS will inevitably come to the Ethereum mainnet as fees continue to rise like there's no tomorrow. I'm concerned this would reduce the decentralization of the ETH blockchain as PoS will concentrate the power in the hands of big exchanges and whales alike. Vitalik should've just made ETH a hybrid coin (PoW + PoS) separating the execution layer (smart contracts) from the consensus layer. Only then, ETH would scale without losing its decentralization.

What angers me is that developers don't do anything to solve the high gas fees in the short term. They keep stalling with the PoS upgrade, as they believe people will still use ETH no matter what. While competing chains gained traction due to ETH's high gas fees, they're nowhere near ETH in terms of mainstream adoption. With ETH still having strong market dominance, there might be no reason for developers to quickly roll out an upgrade to solve the high fees. Who knows how long will it take for PoS to become a reality on ETH mainnet? Just my opinion

camat gampong

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I hope that early 2022 we can get ETH2.0 whose main mission is to reduce gas costs and increase speed, but if this doesn't happen then it's time we use other coins to trade or send money, and another thing I feel is transaction speed The bad thing is, some time ago I sent ETH to an exchange and it took more than 20 minutes to reach 10 transactions.

Some people have even moved to other networks in 2020 and also last year (2021) to save on their transaction Gas fees, but if for now you are still using the ERC-20 network to make transactions, then you are the slowest person to move to another network at this time

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Quote from: indo1 on February 11, 2022, 11:02:02 PM

But no official announcement from vitalik directly, or from twitter ethereum itself, just hope they rethink about the decision of eth 2.0 not being launched. It's possible that ethereum has other plans to address their problem.

Because there is no official announcement that's why I no longer expect this to appear in the near future, because this issue has been going on for a very long time but until now it has not yet been and has not been resolved

Jackl87

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Quote from: cheezcarls on January 27, 2022, 07:35:34 AM

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!

I am not a developer and i am also not an IT-expert or an expert about how Ethereum works at the moment and how it will work once ETH 2.0 comes out, if it comes out at all, but what i always understood as "ETH 2.0" was the consensus will change from PoW to PoS and that ETH 2.0 will also bring the ETH fees down to a reasonable value again. I also read a few times in the past already that it could be a misunderstanding that the switch to ETH 2.0 automatically means, that the fees will go down drastically but i still always hoped that. I don't know what the reason behind the rebranding of the update is, but it seems like they already won't to prevent that the hopes go up to high regarding the reduction of fees.

KaliLinux

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Quote from: masterrex on January 27, 2022, 07:50:28 AM

Quote from: cheezcarls on January 27, 2022, 07:35:34 AM

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!

IMO, I think it is up to everyone in the community because in myself I believe Ethereum is already great even before! until it was changed when the expensive gas problem has become the center of controversy and problem in the Platform. I don't care about those delayed and blah blah about the Eth. 2.0 development all I care about is sustainable, smooth, and much cheaper transaction fees.

Well exactly, the Eth transaction fee has been the bane of the whole issue, I don't believe anyone had that much of a problem with the Ethereum network until this crazy transaction fees thing, and the hope was with ETh 2.0, transactions fees will be corrected at least to a reasonable level. Whether it is rebranded or not, the plight of the investors is with the transaction fees.

cryptoaddictchie

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So they are changing their terms at the middle of waiting? Im not sure is this a good announcement. People are eagerly waiting for the pump and even the migration to a new network. People expecting a big change and all eth can do is rebrand and so called improvements? This is nto a fud but I could say majority are gonna get pissed. Vitalik is keep promising and then later on changing his mind.

darewaller

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I am yet to read any news or article on this there new consensus layer. Whatever decision that they have made now, I know that it is something that they have discussed among themselves before deciding to carry it out. They had a reason why they started the ETH 2.0, and I believe that whatever purpose they have for the new update that there are releasing now is going to be something that will also fill up the gap for what that ETH 2.0 would have accomplished.

A lot of us has complained about the high gas fees that we experience when using ethereum for transaction, let’s hope that whatever update they are rolling out would solve this problem and any other problem that ethereum is having.

savetheFORUM

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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.

There is no way that they would have a plan or make a decision of changing the ETH 2.0 without having a better replacement for it. So, I believe that before they made this decision that they might have come up with a better plan, and whatever this consensus layer is it is going to be far much better than the ETH 2.0 that was meant to be released before.

If it wasn’t a better option, I believe that the devs wouldn’t have gone for it. Because they must have discussed about it and among themselves to know whether it’s a good decision or not, and according to what I’ve seen so far this new update is far much better.

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But no official announcement from vitalik directly, or from twitter ethereum itself, just hope they rethink about the decision of eth 2.0 not being launched. It's possible that ethereum has other plans to address their problem.

asyakashi

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Just think the issue of ethereum gas is so high, don't they think about it? we actually had the main problem in high gas transactions, but ethereum 2.0 didn't launch , but hopefully the developers think again to solve the problem of high gas costs.

Japinat

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Quote from: tvplus006 on February 11, 2022, 12:04:13 PM

This is just a play on words and there is no meaning as it will be called. Regardless of the name, the main thing for Ethereum developers is to work on reducing the transaction price and scalability. And the work on rebranding should be attributed to a later date, when the main problems of the network will be eliminated.

Nothing has changed really, only the name itself. The focus of the rebranding is still to reduce the ethereum's high gas fees and to lessen cases of fraudulence. ETH 2.0 is no more, but we have the incoming "Consensus Layer" rebrand that aims to provide improvement for the whole network. Hopefully, we can see positive feedbacks in the next months as most of the ethereum users find it hard to afford the current high gas fees.

kotwica666

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Quote from: Mpamaegbu on February 11, 2022, 03:53:38 PM

It's still a miracle why that cataclysmic news hasn't brought ETH down on its knees with a sharp dip till now. It shows how strong the ETH community is in support of Ethereum. That news would've taken some projects off the radar and beneath recovery forever. Sometimes, despite my frustrations about the high gas fees of ETH ( a few times that I had to use it), I jerk myself back to reality of the great importance of Eth. I mean, it gave us the smart contract which many projects built on before diversifying. That is one thing we haven't got from Bitcoin – smart contract.

I hope the first part of your post is ironic because if not, it would mean you have no idea what you are talking about. The information provided by the OP concerns in practice only change of the name of the upcoming fork on Ethereum. From what I understand, if there are any technical changes at all, it will only be cosmetic.
As for the second part of your post, there is no doubt that the Ethereum platform is the king of smart contracts and if the switch to PoS is successful, there is a chance that it will also become the king of cryptocurrencies.

Mpamaegbu

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It's still a miracle why that cataclysmic news hasn't brought ETH down on its knees with a sharp dip till now. It shows how strong the ETH community is in support of Ethereum. That news would've taken some projects off the radar and beneath recovery forever. Sometimes, despite my frustrations about the high gas fees of ETH ( a few times that I had to use it), I jerk myself back to reality of the great importance of Eth. I mean, it gave us the smart contract which many projects built on before diversifying. That is one thing we haven't got from Bitcoin – smart contract.

tvplus006

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This is just a play on words and there is no meaning as it will be called. Regardless of the name, the main thing for Ethereum developers is to work on reducing the transaction price and scalability. And the work on rebranding should be attributed to a later date, when the main problems of the network will be eliminated.

Benefactor

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Ethereum agreement layer, CMIIW. In any case, with the said rebranding, it's actually intending to decrease the expenses and the update that we expected to see notwithstanding some way or another the increment in charge is as yet decent. The more it takes to turn into a reality, the more ETH will lose ground available. What is important is decentralization. However long ETH can remain decentralized even subsequent to embracing PoS, there ought to not be anything to stress over. Simply my perspective.

JrRini

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Ether can't run what it currently has because they have more gas free and you think Ether 2.0 will come. This is never possible because no one will buy it until Ether gas is free or coma. And the owner of the ether will not want to reduce the abela so it will definitely not come

zasad@

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Quote from: evichi on February 11, 2022, 08:23:29 AM

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.

evichi

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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.

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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. Tongue

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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.

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