diff --git a/spec/std/fiber/execution_context/multi_threaded_spec.cr b/spec/std/fiber/execution_context/multi_threaded_spec.cr
deleted file mode 100644
index 96b2b9e23274..000000000000
--- a/spec/std/fiber/execution_context/multi_threaded_spec.cr
+++ /dev/null
@@ -1,42 +0,0 @@
-{% skip_file unless flag?(:execution_context) %}
-require "spec"
-
-describe Fiber::ExecutionContext::MultiThreaded do
-  it ".new" do
-    mt = Fiber::ExecutionContext::MultiThreaded.new("test", maximum: 2)
-    mt.size.should eq(0)
-    mt.capacity.should eq(2)
-
-    expect_raises(ArgumentError, "needs at least one thread") do
-      Fiber::ExecutionContext::MultiThreaded.new("test", maximum: -1)
-    end
-
-    expect_raises(ArgumentError, "needs at least one thread") do
-      Fiber::ExecutionContext::MultiThreaded.new("test", maximum: 0)
-    end
-
-    mt = Fiber::ExecutionContext::MultiThreaded.new("test", size: 0..2)
-    mt.size.should eq(0)
-    mt.capacity.should eq(2)
-
-    mt = Fiber::ExecutionContext::MultiThreaded.new("test", size: ..4)
-    mt.size.should eq(0)
-    mt.capacity.should eq(4)
-
-    mt = Fiber::ExecutionContext::MultiThreaded.new("test", size: 1..5)
-    mt.size.should eq(1)
-    mt.capacity.should eq(5)
-
-    mt = Fiber::ExecutionContext::MultiThreaded.new("test", size: 1...5)
-    mt.size.should eq(1)
-    mt.capacity.should eq(4)
-
-    expect_raises(ArgumentError, "needs at least one thread") do
-      Fiber::ExecutionContext::MultiThreaded.new("test", size: 0...1)
-    end
-
-    expect_raises(ArgumentError, "invalid range") do
-      Fiber::ExecutionContext::MultiThreaded.new("test", size: 5..1)
-    end
-  end
-end
diff --git a/spec/std/fiber/execution_context/parallel_spec.cr b/spec/std/fiber/execution_context/parallel_spec.cr
new file mode 100644
index 000000000000..cb358577f453
--- /dev/null
+++ b/spec/std/fiber/execution_context/parallel_spec.cr
@@ -0,0 +1,42 @@
+{% skip_file unless flag?(:execution_context) %}
+require "spec"
+
+describe Fiber::ExecutionContext::Parallel do
+  it ".new" do
+    mt = Fiber::ExecutionContext::Parallel.new("test", maximum: 2)
+    mt.size.should eq(0)
+    mt.capacity.should eq(2)
+
+    expect_raises(ArgumentError, "needs at least one thread") do
+      Fiber::ExecutionContext::Parallel.new("test", maximum: -1)
+    end
+
+    expect_raises(ArgumentError, "needs at least one thread") do
+      Fiber::ExecutionContext::Parallel.new("test", maximum: 0)
+    end
+
+    mt = Fiber::ExecutionContext::Parallel.new("test", size: 0..2)
+    mt.size.should eq(0)
+    mt.capacity.should eq(2)
+
+    mt = Fiber::ExecutionContext::Parallel.new("test", size: ..4)
+    mt.size.should eq(0)
+    mt.capacity.should eq(4)
+
+    mt = Fiber::ExecutionContext::Parallel.new("test", size: 1..5)
+    mt.size.should eq(1)
+    mt.capacity.should eq(5)
+
+    mt = Fiber::ExecutionContext::Parallel.new("test", size: 1...5)
+    mt.size.should eq(1)
+    mt.capacity.should eq(4)
+
+    expect_raises(ArgumentError, "needs at least one thread") do
+      Fiber::ExecutionContext::Parallel.new("test", size: 0...1)
+    end
+
+    expect_raises(ArgumentError, "invalid range") do
+      Fiber::ExecutionContext::Parallel.new("test", size: 5..1)
+    end
+  end
+end
diff --git a/src/fiber/execution_context.cr b/src/fiber/execution_context.cr
index 8d2289740ebc..7208a1b5bd10 100644
--- a/src/fiber/execution_context.cr
+++ b/src/fiber/execution_context.cr
@@ -8,25 +8,25 @@ require "./execution_context/*"
 {% raise "ERROR: execution contexts require the `preview_mt` compilation flag" unless flag?(:preview_mt) || flag?(:docs) %}
 {% raise "ERROR: execution contexts require the `execution_context` compilation flag" unless flag?(:execution_context) || flag?(:docs) %}
 
-# An execution context creates and manages a dedicated pool of 1 or more threads
-# where fibers can be executed into. Each context manages the rules to run,
-# suspend and swap fibers internally.
+# An execution context creates and manages a dedicated pool of 1 or more
+# schedulers where fibers will be running in. Each context manages the rules to
+# run, suspend and swap fibers internally.
 #
 # EXPERIMENTAL: Execution contexts are an experimental feature, implementing
 # [RFC 2](https://github.com/crystal-lang/rfcs/pull/2). It's opt-in and requires
 # the compiler flags `-Dpreview_mt -Dexecution_context`.
 #
 # Applications can create any number of execution contexts in parallel. These
-# contexts are isolated but they can communicate with the usual thread-safe
-# synchronization primitives (e.g. `Channel`, `Mutex`).
+# contexts are isolated but they can communicate with the usual synchronization
+# primitives such as `Channel` or `Mutex`.
 #
 # An execution context groups fibers together. Instead of associating a fiber to
-# a specific thread, we associate a fiber to an execution context, abstracting
-# which thread(s) they actually run on.
+# a specific system thread, we associate a fiber to an execution context,
+# abstracting which system thread(s) the fibers will run on.
 #
 # When spawning a fiber with `::spawn`, it spawns into the execution context of
-# the current fiber. Thus child fibers execute in the same context as their
-# parent (unless told otherwise).
+# the current fiber, so child fibers execute in the same context as their parent
+# (unless told otherwise).
 #
 # Once spawned, a fiber cannot _move_ to another execution context. It always
 # resumes in the same execution context.
@@ -36,18 +36,19 @@ require "./execution_context/*"
 # The standard library provides a number of execution context implementations
 # for common use cases.
 #
-# * `ExecutionContext::SingleThreaded`: Fully concurrent with limited
-# parallelism. Fibers run concurrently in a single thread and never in parallel.
-# They can use simpler and faster synchronization primitives internally (no
-# atomics, no thread safety). Communication with fibers in other contexts
-# requires thread-safe primitives. A blocking fiber blocks the entire thread and
-# all other fibers in the context.
-# * `ExecutionContext::MultiThreaded`: Fully concurrent, fully parallel. Fibers
-# running in this context can be resumed by any thread in this context. They run
-# concurrently and in parallel to each other, in addition to running in parallel
-# to any fibers in other contexts. Schedulers steal work from each other. The
-# number of threads can grow and shrink dynamically.
-# * `ExecutionContext::Isolated`: Single fiber in a single thread without
+# * `ExecutionContext::Concurrent`: Fully concurrent with limited parallelism.
+# Fibers run concurrently, never in parallel (only one fiber at a time). They
+# can use simpler and faster synchronization primitives internally (no atomics,
+# limited thread safety). Communication with fibers in other contexts requires
+# thread-safe primitives. A blocking fiber blocks the entire thread and all
+# other fibers in the context.
+# * `ExecutionContext::Parallel`: Fully concurrent, fully parallel. Fibers
+# running in this context can be resumed by multiple system threads in this
+# context. They run concurrently and in parallel to each other (multiple fibers
+# at a time), in addition to running in parallel to any fibers in other
+# contexts. Schedulers steal work from each other. The parallelism can grow and
+# shrink dynamically.
+# * `ExecutionContext::Isolated`: Single fiber in a single system thread without
 # concurrency. This is useful for tasks that can block thread execution for a
 # long time (e.g. a GUI main loop, a game loop, or CPU heavy computation). The
 # event-loop works normally (when the fiber sleeps, it pauses the thread).
@@ -56,14 +57,14 @@ require "./execution_context/*"
 # ## The default execution context
 #
 # The Crystal runtime starts with a single threaded execution context, available
-# in `Fiber::ExecutionContext.default`.
+# as `Fiber::ExecutionContext.default`:
 #
 # ```
-# Fiber::ExecutionContext.default.class # => Fiber::ExecutionContext::SingleThreaded
+# Fiber::ExecutionContext.default.class # => Fiber::ExecutionContext::Concurrent
 # ```
 #
-# NOTE: The single threaded default context is required for backwards
-# compatibility. It may change to a multi-threaded default context in the
+# NOTE: The default context is a `Concurrent` context for backwards
+# compatibility reasons. It might change to a `Parallel` context in the
 # future.
 @[Experimental]
 module Fiber::ExecutionContext
@@ -72,9 +73,9 @@ module Fiber::ExecutionContext
   # Returns the default `ExecutionContext` for the process, automatically
   # started when the program started.
   #
-  # NOTE: The default context is a `SingleThreaded` context for backwards
-  # compatibility reasons. It may change to a multi-threaded default context in
-  # the future.
+  # NOTE: The default context is a `Concurrent` context for backwards
+  # compatibility reasons. It might change to a `Parallel` context in the
+  # future.
   @[AlwaysInline]
   def self.default : ExecutionContext
     @@default.not_nil!("expected default execution context to have been setup")
@@ -82,7 +83,7 @@ module Fiber::ExecutionContext
 
   # :nodoc:
   def self.init_default_context : Nil
-    @@default = SingleThreaded.default
+    @@default = Concurrent.default
     @@monitor = Monitor.new
   end
 
diff --git a/src/fiber/execution_context/single_threaded.cr b/src/fiber/execution_context/concurrent.cr
similarity index 79%
rename from src/fiber/execution_context/single_threaded.cr
rename to src/fiber/execution_context/concurrent.cr
index f4a2aa4f3694..72db0b7eb125 100644
--- a/src/fiber/execution_context/single_threaded.cr
+++ b/src/fiber/execution_context/concurrent.cr
@@ -3,20 +3,59 @@ require "./runnables"
 require "./scheduler"
 
 module Fiber::ExecutionContext
-  # A single-threaded execution context which owns a single thread. It's fully
-  # concurrent with limited parallelism.
+  # Concurrent-only execution context.
   #
-  # Concurrency is restricted to a single thread. Fibers in the same context
-  # will never run in parallel to each other but they may still run in parallel
-  # to fibers running in other contexts (i.e. in another thread).
+  # Fibers running in the same context can only run concurrently and never in
+  # parallel to each others. However, they still run in parallel to fibers
+  # running in other execution contexts.
   #
-  # Fibers can use simpler and faster synchronization primitives between
-  # themselves (no atomics, no thread safety). Communication with fibers in
-  # other contexts requires thread-safe primitives.
+  # Fibers in this context can use simpler and faster synchronization primitives
+  # between themselves (for example no atomics or thread safety required), but
+  # data shared with other contexts needs to be protected (e.g. `Mutex`), and
+  # communication with fibers in other contexts requires safe primitives, for
+  # example `Channel`.
   #
-  # A blocking fiber blocks the entire thread and all other fibers in the
-  # context.
-  class SingleThreaded
+  # A blocking fiber blocks the entire context, and thus all the
+  # other fibers in the context.
+  #
+  # For example: we can start a concurrent context to run consumer fibers, while
+  # the default context produces values. Because the consumer fibers will never
+  # run in parallel and don't yield between reading *result* then writing it, we
+  # are not required to synchronize accesses to the value:
+  #
+  # ```
+  # require "wait_group"
+  #
+  # consumers = Fiber::ExecutionContext::Concurrent.new("consumers")
+  # channel = Channel(Int32).new(64)
+  # wg = WaitGroup.new(32)
+  #
+  # result = 0
+  #
+  # 32.times do
+  #   consumers.spawn do
+  #     while value = channel.receive?
+  #       # safe, but only for this example:
+  #       result = result + value
+  #     end
+  #   ensure
+  #     wg.done
+  #   end
+  # end
+  #
+  # 1024.times { |i| channel.send(i) }
+  # channel.close
+  #
+  # # wait for all workers to be done
+  # wg.wait
+  #
+  # p result # => 523776
+  # ```
+  #
+  # In practice, we still recommended to always protect shared accesses to a
+  # variable, for example using `Atomic#add` to increment *result* or a `Mutex`
+  # for more complex operations.
+  class Concurrent
     include ExecutionContext
     include ExecutionContext::Scheduler
 
@@ -279,4 +318,7 @@ module Fiber::ExecutionContext
       end
     end
   end
+
+  @[Deprecated("Use Fiber::ExecutionContext::Concurrent instead.")]
+  alias SingleThreaded = Concurrent
 end
diff --git a/src/fiber/execution_context/isolated.cr b/src/fiber/execution_context/isolated.cr
index 566356d62316..b9a7021d7757 100644
--- a/src/fiber/execution_context/isolated.cr
+++ b/src/fiber/execution_context/isolated.cr
@@ -2,29 +2,33 @@ require "./scheduler"
 require "../list"
 
 module Fiber::ExecutionContext
-  # Isolated execution context. Runs a single thread with a single fiber.
+  # Isolated execution context to run a single fiber.
   #
-  # Concurrency is disabled within the thread: the fiber owns the thread and the
-  # thread can only run this fiber. Keep in mind that the fiber will still run
-  # in parallel to other fibers running in other execution contexts.
+  # Concurrency and parallelism are disabled. The context guarantees that the
+  # fiber will always run on the same system thread until it terminates; the
+  # fiber owns the system thread for its whole lifetime.
   #
-  # The fiber can still spawn fibers into other execution contexts. Since it can
+  # Keep in mind that the fiber will still run in parallel to other fibers
+  # running in other execution contexts at the same time.
+  #
+  # Concurrency is disabled, so an isolated fiber can't spawn fibers into the
+  # context, but it can spawn fibers into other execution contexts. Since it can
   # be inconvenient to pass an execution context around, calls to `::spawn` will
-  # spawn a fiber into the specified *spawn_context* that defaults to the
-  # default execution context.
+  # spawn a fiber into the specified *spawn_context* during initialization,
+  # which defaults to `Fiber::ExecutionContext.default`.
   #
   # Isolated fibers can normally communicate with other fibers running in other
-  # execution contexts using `Channel(T)`, `WaitGroup` or `Mutex` for example.
-  # They can also execute IO operations or sleep just like any other fiber.
+  # execution contexts using `Channel`, `WaitGroup` or `Mutex` for example. They
+  # can also execute `IO` operations or `sleep` just like any other fiber.
   #
   # Calls that result in waiting (e.g. sleep, or socket read/write) will block
   # the thread since there are no other fibers to switch to. This in turn allows
   # to call anything that would block the thread without blocking any other
   # fiber.
   #
-  # You can for example use an isolated fiber to run a blocking GUI loop,
-  # transparently forward `::spawn` to the default context, and eventually only
-  # block the current fiber while waiting for the GUI application to quit:
+  # For example you can start an isolated fiber to run a blocking GUI loop,
+  # transparently forward `::spawn` to the default context, then keep the main
+  # fiber to wait until the GUI application quit:
   #
   # ```
   # gtk = Fiber::ExecutionContext::Isolated.new("Gtk") do
diff --git a/src/fiber/execution_context/multi_threaded.cr b/src/fiber/execution_context/parallel.cr
similarity index 83%
rename from src/fiber/execution_context/multi_threaded.cr
rename to src/fiber/execution_context/parallel.cr
index e843178d1d10..2e041003936f 100644
--- a/src/fiber/execution_context/multi_threaded.cr
+++ b/src/fiber/execution_context/parallel.cr
@@ -1,30 +1,57 @@
 require "./global_queue"
-require "./multi_threaded/scheduler"
+require "./parallel/scheduler"
 
 module Fiber::ExecutionContext
-  # A multi-threaded execution context which owns one or more threads. It's
-  # fully concurrent and fully parallel.
+  # Parallel execution context.
   #
-  # Owns multiple threads and starts a scheduler in each one. The number of
-  # threads is dynamic. Setting the minimum and maximum to the same value will
-  # start a fixed number of threads.
+  # Fibers running in the same context run both concurrently and in parallel to each
+  # others, in addition to the other fibers running in other execution contexts.
   #
-  # Fibers running in this context can be resumed by any thread in the context.
-  # Fibers can run concurrently and in parallel to each other, in addition to
-  # running in parallel to any other fiber running in other contexts.
+  # The context internally keeps a number of fiber schedulers, each scheduler
+  # being able to start running on a system thread, so multiple schedulers can
+  # run in parallel. The fibers are resumable by any scheduler in the context,
+  # they can thus move from one system thread to another at any time.
+  #
+  # The actual parallelism is controlled by the execution context. As the need
+  # for parallelism increases, for example more fibers running longer, the more
+  # schedulers will start (and thus system threads), as the need decreases, for
+  # example not enough fibers, the schedulers will pause themselves and
+  # parallelism will decrease.
+  #
+  # For example: we can start a parallel context to run consumer fibers, while
+  # the default context produces values. Because the consumer fibers can run in
+  # parallel, we must protect accesses to the shared *value* variable. Running
+  # the example without `Atomic#add` would produce a different result every
+  # time!
   #
   # ```
-  # mt_context = Fiber::ExecutionContext::MultiThreaded.new("worker-threads", 4)
+  # require "wait_group"
+  #
+  # consumers = Fiber::ExecutionContext::Parallel.new("consumers", 8)
+  # channel = Channel(Int32).new(64)
+  # wg = WaitGroup.new(32)
+  #
+  # result = Atomic.new(0)
   #
-  # 10.times do
-  #   mt_context.spawn do
-  #     do_something
+  # 32.times do
+  #   consumers.spawn do
+  #     while value = channel.receive?
+  #       result.add(value)
+  #     end
+  #   ensure
+  #     wg.done
   #   end
   # end
   #
-  # sleep
+  # 1024.times { |i| channel.send(i) }
+  # channel.close
+  #
+  # # wait for all workers to be done
+  # wg.wait
+  #
+  # p result.get # => 523776
   # ```
-  class MultiThreaded
+  class Parallel
     include ExecutionContext
 
     getter name : String
@@ -314,4 +341,7 @@ module Fiber::ExecutionContext
       io << ' ' << name << '>'
     end
   end
+
+  @[Deprecated("Use Fiber::ExecutionContext::Parallel instead.")]
+  alias MultiThreaded = Parallel
 end
diff --git a/src/fiber/execution_context/multi_threaded/scheduler.cr b/src/fiber/execution_context/parallel/scheduler.cr
similarity index 91%
rename from src/fiber/execution_context/multi_threaded/scheduler.cr
rename to src/fiber/execution_context/parallel/scheduler.cr
index 5aadffaaa376..7268f5afe5c9 100644
--- a/src/fiber/execution_context/multi_threaded/scheduler.cr
+++ b/src/fiber/execution_context/parallel/scheduler.cr
@@ -3,17 +3,21 @@ require "../scheduler"
 require "../runnables"
 
 module Fiber::ExecutionContext
-  class MultiThreaded
-    # MT fiber scheduler.
+  class Parallel
+    # Individual scheduler for the parallel execution context.
     #
-    # Owns a single thread inside a MT execution context.
+    # The execution context itself doesn't run the fibers. The fibers actually
+    # run in the schedulers. Each scheduler in the context increases the
+    # parallelism by one. For example a parallel context with 8 schedulers means
+    # that a maximum of 8 fibers may run at the same time in different system
+    # threads.
     class Scheduler
       include ExecutionContext::Scheduler
 
       getter name : String
 
       # :nodoc:
-      property execution_context : MultiThreaded
+      property execution_context : Parallel
       protected property! thread : Thread
       protected property! main_fiber : Fiber
 
@@ -38,10 +42,9 @@ module Fiber::ExecutionContext
         self.spawn(name: name, &block)
       end
 
-      # Unlike `ExecutionContext::MultiThreaded#enqueue` this method is only
-      # safe to call on `ExecutionContext.current` which should always be the
-      # case, since cross context enqueues must call
-      # `ExecutionContext::MultiThreaded#enqueue` through `Fiber#enqueue`.
+      # Unlike `Parallel#enqueue` this method is only safe to call on
+      # `ExecutionContext.current` which should always be the case, since cross
+      # context enqueues must call `Parallel#enqueue` through `Fiber#enqueue`.
       protected def enqueue(fiber : Fiber) : Nil
         Crystal.trace :sched, "enqueue", fiber: fiber
         @runnables.push(fiber)
@@ -183,7 +186,7 @@ module Fiber::ExecutionContext
 
         # immediately mark the scheduler as spinning (we just unparked); we
         # don't increment the number of spinning threads since
-        # `MultiThreaded#wake_scheduler` already did
+        # `Parallel#wake_scheduler` already did
         @spinning = true
       end