As expected Motorola has offically announced that Moto 360 1st Gen will not get the latest Android Wear 2.0 Update. Android Wear 2.0 is announced by Google at I/O 2016 in the keynote. It includes some very interesting features in it like Handwriting recognition and inbox style replies, Automatic activity tracking to enhance the Fitness related date and most importantly the Standalone App support.
Unfortunately, Moto360 1 Gen will not receive the new update 2.0
— Motorola Support (@Moto_Support) June 10, 2016
However, the company has confirmed that moto 360 1st Gen will not get the android Wear 2.0 update. But still smartwatch will get the Android Security Patches when Needed. On the Other hand Moto 360 2nd Gen will get AndroidWear 2.0 update in the near future.