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Ethereum Classic is a Fine Chain, Says Ethereum Co-Founder Vitalik Buterin

Vitalik Buterin suggests a blockchain project for crypto miners as the Ethereum blockchain is on course to transition from proof-of-work (PoW) to proof-of-stake (PoS). The Merge is expected to happen in September

PoS versus PoW

Following the upcoming Merge upgrade on the Ethereum network, the second-largest blockchain project by market capitalization will no longer support mining activities. 

That is, the Ethereum blockchain will no longer operate under a proof-of-work (PoW) consensus algorithm but rather proof-of-stake (PoS). 

While this is a huge upgrade, crypto miners will be affected negatively as they will lose a major source of income. This is because, in a proof-of-stake (PoS) network, cryptocurrency owners validate block transactions based on the number of coins a validator stakes.

Read More: Vitalik Buterin: Ethereum (ETH) Will Be 55% Complete After The Merge and Process 100,000 TPS

Whereas proof-of-work (PoW) consensus algorithm is a decentralized consensus mechanism that requires members of a network to expend effort solving an arbitrary mathematical puzzle to validate transactions and also mine new tokens. 

In other words, proof-of-work mechanisms require miners to solve cryptographic puzzles while proof-of-stake mechanisms require validators to simply hold and stake tokens. To note, there are mining rewards for miners on PoW networks. 

Read Also: Mainnet Shadow Fork 9 Implemented on Ethereum Network; The Merge Predicted to Happen in September

Ethereum Classic is a Fine Chain, Says Vitalik Buterin

In the previous week, Ethereum co-founder Vitalik Buterin while giving a speech pointed out that the Ethereum Classic blockchain is a good option for crypto miners. He noted that those who like proof-of-work blockchains could migrate to Ethereum Classic citing that it is a fine chain. 

Ethereum Classic is a hard fork of Ethereum, launched in July 2016. It is said that the blockchain project came to be in response to contract censorship on sister chain Ethereum. Reportedly, Ethereum Classic has proven its ability to resist censorship.

Related: Grayscale Highlights How Ethereum 2.0 Would Positively Impact Ethereum Classic (ETC)

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Ultimately, Ethereum Classic which has a native token with the ticker ETC combines the technology of Ethereum with the philosophy of Bitcoin. Ethereum Classic is uniquely positioned to be the smart contract platform of the future.

More so, it is an open-source platform, supporting a modified version of Nakamoto consensus via transaction-based state transitions executed on a public Ethereum Virtual Machine.


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Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom joined the crypto and blockchain industry in 2019. He is an all-rounded crypto content writer. He mostly covers industry news, developments, and other educational resources. He believes that proper crypto awareness is instrumental to achieving mass adoption.
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