Eth2 is no more after Ethereum Foundation ditches name in rebrand. The Ethereum Foundation revealed that it had removed all references to "Eth1" and..
A week in review: Jan. 23–29 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Eth2 is no more after Ethereum Foundation ditches name in rebrand | | | The Ethereum Foundation revealed that it had removed all references to "Eth1" and "Eth2" this week in favor of calling the original blockchain the "execution layer" and the upgraded proof-of-stake (PoS) chain the "consensus layer." | | | Individual features of the network such as the Beacon Chain, "the merge," and shard chains are now also referred to as "upgrades." | | | The foundation cited several reasons for its decision to upgrade its terminology, arguing that the previous terms provided a "broken mental model for new users" and that the rebrand helps with scam prevention, inclusivity and staking clarity. Under the new terminology, the combination of the execution layer (Eth1) and the consensus layer (Eth2) will be labeled as "Ethereum" moving forward. | | | "One major problem with the Eth2 branding is that it creates a broken mental model for new users of Ethereum. They intuitively think that Eth1 comes first and Eth2 comes after. Or that Eth1 ceases to exist once Eth2 exists," the foundation wrote, adding that "neither of these is true. By removing Eth2 terminology, we save all future users from navigating this confusing mental model." | | #2. YouTube head of gaming Ryan Wyatt to resign and join Polygon Studios as CEO | | | YouTube's head of gaming, Ryan Wyatt announced on Tuesday that he will be leaving the firm in February to pursue his passion for blockchain and Web3 development. | | | Wyatt has lined up a role as CEO of Polygon Studios, the gaming and NFT arm of the layer-2 Ethereum scaling network. Polygon reportedly has plans to support its subsidiary studio with $100 million worth of funding towards Web3 and NFT gaming projects. | | | "I will be focusing on growing the developer ecosystem through investment, marketing and developer support and bridging the gap between Web 2.0 and 3.0," Wyatt said. "I'll be leading the Polygon Studios organization across gaming, entertainment, fashion, news, sports and more." | | #3. Analysts say Bitcoin's bounce at $36K means 'it's time to start thinking about a bottom' | | | Bitcoin had a turbulent week, its price dropping as low as $33,300 and surging as high as $38,000 before retracting back to the $36,000 region at the time of writing. | | | Many analysts have attributed the uninspiring performance of BTC, along with other assets and stocks, to macro factors such as expectations that the United States Federal Reserve will embark on several interest rate hikes throughout 2022 to tame inflation. | | | While many people claim the Fed's actions will put an end to the current bull market, other forward-looking individuals such as Bollinger Bands creator John Bollinger have questioned whether the market bottom is in and if it's time to accumulate and hodl again. | | | "It's time to start thinking about a bottom in cryptos," Bollinger tweeted. "However, the ability to get outside the lower Bollinger Band repeatedly strongly suggests a retest of some sort will be needed. My plan is wait for a bottom and a bounce, then look for a retest as an entry." | | #4. Prediction of the week. ETH to hit $20-trillion market cap by 2030: Ark Invest | | | Cathie Wood's Ark Invest bullishly predicted that Ether could reach a total market cap of around $20 trillion within the next 10 years, suggesting an average ETH price of between $170,000 and $180,000. | | | The optimistic prediction came via Ark's "Big Ideas 2022" report, with the firm highlighting the Ethereum network's rapid rate of adoption and growth in utility and efficiency over the past couple of years as key indicators for future price targets. | | | According to Ark, smart contracts and decentralized applications on Ethereum are "usurping traditional financial functions at the margin." The report highlighted that banking and lending, exchanges, brokerages, asset management, insurance and derivatives can all be found on Ethereum-based smart contracts. | | #5. FUD of the week. More evidence game devs hate NFTs and crypto | | | Data from the latest edition of the annual "State Of The Game Industry 2022" by the Game Developers Conference revealed that most game developers and studios have no interest in developing or working with NFTs or crypto payments. | | | The survey polled 2,700 game devs, and 72% of respondents indicated that their studio is "not interested" in integrating crypto as a payment tool, while 70% stated that they had no interest in NFTs. Furthermore, a mere 1% outlined that they were already working with NFT tech or crypto. | | | There were also 14 comments posted from respondents in the survey regarding NFTs and crypto, with only one input holding positive views. Regarding NFTs, one developer in particular wrote: | | | "How this hasn't been identified as a pyramid scheme is beyond me." | | #6. FUD of the week. Qubit Finance suffers $80 million loss following hack | | | It was reported on Friday that Binance Smart Chain-based protocol Qubit Finance was hacked, resulting in an estimated loss of more than $80 million worth of digital assets. | | | The addresses linked to the assault stole 206,809 Binance Coin tokens from Qubit's QBridge protocol. According to blockchain analysis firm PeckShield, the protocol was hacked to create "a huge amount of xETH collateral" that was subsequently used to drain the entire quantity of BNB stored on QBridge. | | | The Qubit team released a statement notifying clients that they are still monitoring the hacker and their impacted assets. The post explained that the team has contacted the attacker to offer the maximum reward as determined by their bounty program. There may be some hope in getting a large portion of the funds back, as supposed white hats lately have been returning the funds in exchange for decently sized bounties. | | | |
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