Ethereum Foundation announced on Monday that the terms "ETH 1.0" and "ETH 2.0" would be phased out in favour of "execution layer" and "consensus layer." Proof-of-Work blockchain that is currently known as Ethereum is referred to as the "execution layer," which was previously known as Ethereum 1.0. The Proof-of-Stake Beacon Chain, which will take over consensus processes when the two blockchains merge, will be referred to as the "consensus layer" from now on.