Huobi Global says the platform will support hard forks

Cryptocurrency exchange Huobi Global informs its customers that if a hard fork of Ethereum (ETH) were to create two new blockchains, the new assets would be supported. However, eligibility conditions are specified and the platform specifies that it does not encourage such events.

Huobi will accept assets from potential Ethereum hard forks under certain conditions

The cryptocurrency exchange platform Huobi Global responded to its users about a potential hard fork of Ethereum (ETH). Indeed, while The Merge is expected for September 19, part of the community is wondering about the possibility of two blockchains that would come to exist. This could happen if a portion of miners decide to continue producing blocks on the proof-of-work (PoW) chain.

In the event of a hard fork, where both chains would continue to operate, an investor would then end up with as many assets on one chain as on another, as if they had been cloned.

While an Ethereum PoW is unlikely have any future after the switch to proof-of-stake (PoS), Huobi still claimed that the exchange would support hard-forked assets. They will, however, have to meet certain requirements.

For example, players wishing to proceed with such an operation will have to make themselves known to Huobi Global before the hard fork. Also, a new string should not be done absorb or be eliminated by the other. The two blockchains must also be distinct, as with Ethereum and Ethereum Classic (ETC) in particular.

All these elements are valid for ETH, but also for other assets, present on the current blockchain and which could follow.

👉 To go further – Find our guide to buying Ethereum (ETH)

Investing in real estate on the blockchain

Only $50 to start

An interest in platforms

When such events occur, it is in the interest of the platforms of list created assets. We recently had the case with LUNA and LUNC after the Terra ecosystem collapsed. If an exchange fails to recognize cryptocurrencies from a hard fork, while its competitors do, the trust of its customers would take a hit.

However, Huobi Global discourages cases of hard forks without technological interesteven if she will side with the community:

“However, we do not encourage forks without tangible innovation and improvement, and we oppose any form of pre-mining behavior. These worthless behaviors will lead to community divergence, industry confusion, and user misunderstanding. »

Again, nothing is less certain about the future of a hypothetical PoW version of Ethereum post-Merge. Most ecosystem players are indeed looking to the future. Despite everything, these declarations will have the merit of somewhat reassure people expressing concerns, about a possible failure in the move to Proof-of-Stake.

👉 Also in the news – Solana (SOL): Saber (SBR) developer created 11 fake profiles to manipulate TVL

Join Experts and a Premium Community

PRO

Invest in your crypto knowledge for the next bullrun

toaster icon

Source: HuobiGlobal

Newsletter 🍞

Get a crypto news recap every Sunday 👌 And that’s it.

What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.

Leave a Comment