Find out more about our company In January 2022, the Ethereum Foundation announced the decision to remove the “Ethereum 2.0” terminology to “save all future users from navigating this confusing mental model.” It went on to explain that the previously-referred-to terms of “Ethereum 1.0” would be branded the “execution layer,” while “Ethereum 2.0” will be called the “consensus layer”. This is ultimately to provide a more accurate version of the Ethereum roadmap. crypto casino videos Thanks for contributing an answer to Ethereum Stack Exchange! For your convenience, we have also projected the estimated network fee required based on the 3 fee tier for the below transactions, tap on each fee tier to see the corresponding estimations On a network like Ethereum, transactions are verified by miners (also referred to as validators). In addition to protecting the network from attacks, these miners also streamline transactions so that the Ethereum blockchain does not get overloaded.&;Gas fees are required to compensate for the computing energy needed to process and validate transactions. Miners are incentivised to validate transactions before other miners in order to earn ETH from the gas fees.