Crypto miners plan to fork the Ethereum network to still have a version based on the proof-of-work (PoW) consensus algorithm after the Merge. Ethereum co-founder Vitalik Buterin believes that this intended fork will not succeed nor have substantial long-term adoption.
Ethereum is the leading smart contract platform and community-run technology powering the native cryptocurrency ether (ETH) and thousands of decentralized applications (dApps). Ethereum currently runs on a proof-of-work (PoW) consensus algorithm which permits mining.
The largest smart contract platform is approaching its transition from proof-of-work (PoW) to proof-of-stake (PoS) which supports staking instead of mining. Ethereum developers announced that the Merge event on the blockchain will occur around mid-September. The blockchain aims to become more scalable and complete after the much-awaited event.
To still have a platform that allows for mining after the Merge execution, Chandler Guo, a popular cryptocurrency miner disclosed that he would fork the Ethereum blockchain which is the second-largest crypto project by market capitalization after Bitcoin (BTC). He added that the new network would be named “ETH POW.”
After the implementation of the Merge on the Ethereum mainnet, the Chinese miner and others alike intend to execute a hard fork of the Ethereum network that ignores the upgrade to create a new network, ETH POW.
In a closed press conference at the ongoing ETHSeoul 2022 Hackathon event, Ethereum’s Vitalik Buterin commented on the popular Chinese miner’s plan while responding to reporters. He highlighted the outcomes of this probable miner-led proof-of-work fork on the Ethereum network.
Buterin said, “I’m not expecting it to have substantial, long-term adoption. According to him, there is no organic aspect to the possible fork, referring to the supporters of the fork as “a couple of outsiders that basically have exchanges, and mostly just want to make a quick buck. I hope that whatever happens, doesn’t lead to people losing money.”
Traders Betting On Yet To Exist Tokens
About three crypto exchanges including Poloniex, MEXC, and BitMEX are letting traders bet on tokens that are yet to be in existence.
While Poloniex and MEXC exchanges have listed tokens linked to a probable miner-led fork of the Ethereum network, BitMEX has added a futures product connected to the ETHPoW tokens.
It’s worth noting that Chandler Guo, the Chinese crypto miner was involved in the 2016 fork that gave birth to the Ethereum Classic (ETC). The blockchain which permits crypto mining was recently referred to as a fine chain by Vitalik Buterin.