Magento 1 End of Life and Beginning of the Other

Magento shot to fame and within no time there was an avalanche of demand for Magento development services. According to data and statistics from Builtwith, more than 771,365 websites currently use Magento as their base platform.

The End of Support for Magento 1
According to the official announcement from Magento, by June 2020, Magento will stop providing support like software updates and security patches for its popular Commerce 1 and Open Source CMS platforms (formerly Enterprise and Community Editions).

This announcement left eCommerce retailers in a frenzy, looking for obvious solutions, although some might find them costly or disruptive.

The EoL date of Magento is not the only thing you should consider. On December 31st, 2018, PHP 5.6 was deprecated.

Now, PHP is a server-side scripting language on which Magento platform was written. Considering Magento 1 previously only supported up to PHP 5.6, this would have meant a huge blow to the Magento community.
Read more:- Magento Open Source