Following the recent hostile statements of certain figures in the ecosystem regarding The Merge, Vitalik spoke about it and did not hesitate to qualify them as opportunists. According to him, the Ethereum (ETH) community is very supportive of the move to proof-of-stake (PoS) and has no desire to fork to maintain proof-of-work (PoW).
Vitalik Buterin speaks out about Ethereum fork defenders
While the long-awaited update The Mergewhich plans to move the Ethereum (ETH) blockchain from proof-of-work (PoW) consensus to proof-of-stake (PoS), is coming very soon, some have decided to go against the grain and have shown in favor of a fork.
Vitalik Buterinco-founder of Ethereum who needs no introduction, spoke about it during a closed-door press conference at South Korea Blockchain Weekwhich is currently running until August 14 in the heart of Seoul.
According to him, the Ethereum community has overwhelming majority supported for the future roadmap of Ethereum, this of course including The Merge. He clarified to this effect that the idea of a possible fork of the blockhain is only defended by ” strangers ” of this ecosystem, which ” own exchanges and just trying to make a quick buck “.
Usually consensual, Vitalik Buterin took care not to mention a name, but his remarks are definitely targeting Justin Sunthe founder of Tron (TRX), who recently showed up in favor of the fork in order to maintain the proof-of-work consensus that the mining system relies on.
Asked about the risks of a possible success of the fork, Vitalik replies that it could harm Ethereum and create malfunctions:
“I foresee market confusion if this proof-of-work hard fork becomes something substantial. […] I’m sure there will be issues… if they want to fork, it’s up to them to mitigate those issues. »
👉 To understand everything: What is a fork?
The No. 1 exchange in the world – Regulated in France
Binance
-10% off fees with code SVULQ98B 🔥
Why defend proof-of-work?
The first defenders of a fork aimed at maintaining proof-of-work are the minors. For years, their business model has relied on block mining within the Ethereum blockchain, and the move to proof-of-stake will put pure and simple end to their activity especially with the difficulty bomb scheduled for October.
For your information, Ether miners have produced for 620 million dollars for the month of July alone. Thus, it has particularly encouraged Chinese miners to advocate for the hard fork in order to maintain their financial activity, the latter having invested considerable sums for their mining equipment.
Moreover, as we said earlier, Justin Sun has been very supportive of the fork, without explicitly explaining his motivations. However, the exchange Poloniexof which Sun is the main investor, already offers trading pairs including theETHS and ETHW2 tokens that will only be useful if the fork sees the light of day.
An organization was created under the name ofEthereumPoW in order to encourage the fork, in particular through a collection of donations ” intended exclusively for the development of products “.
According to data from Etherscan, the wallet has so far collected theequivalent of $3,700proof of a more than moderate support.
👉 In the News Ethereum: The number of registrations for the Ethereum Name Service (ENS) has never been so high
published by editions Larousse
Sources: Fortune, The Block, Etherscan
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.
Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
314 items