Trust and safety

What is ETH2 and what will happen to it? 

The technical term 'Eth2' was originally used to refer to the PoS Beacon Chain, and is separate from the Coinbase ticker ETH2, which represents our customers' staked ETH.

To limit confusion, the community has updated these terms:

'Eth1' previously referred to the PoW Ethereum blockchain, but is now the 'execution layer', which handles transactions and execution.

'Eth2' previously referred to the PoS Beacon Chain, but is now the 'consensus layer', which handles proof-of-stake consensus.

Putting aside the technical details, the overall network continues to be called Ethereum. These terminology updates only change naming conventions; this does not alter Ethereum's goals or roadmap.

Can I upgrade my ETH for ETH2  tokens? 

No. There is no Eth2 token and your ETH will not change after The Merge. As a reminder, Coinbase uses the internal ticker ETH2 to represent staked ETH, but there is no new ETH2 token. One of the driving forces behind the Eth2 rebrand was the common misconception that ETH holders would have to migrate their ETH after 'Ethereum 2.0'. This has never been true.

How can I protect myself against scammers?

Cryptocurrency transactions are irreversible, if you send cryptocurrency to a third party, you cannot reverse it or stop payment.

When you send cryptocurrency to a blockchain address, you must be certain of the legitimacy of any involved third-party services and merchants, and only send cryptocurrency to entities you trust.

Please note that you are NOT able to swap ETH for ETH2 as there is no such token. To learn more about how to avoid cryptocurrency scams please visit our help center page - Avoiding cryptocurrency scams.

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