as Ethereum take the last step Towards a merger a much-hyped move to proof-of-stake networks influential cryptocurrency miners are trying to create a move to resist that transition.
Famous Chinese cryptocurrency miner Chandler Guo has launched a campaign to fork the Ethereum blockchain and create a spin-off proof-of-work version. Twitter post last week.
Ethereum’s current proof-of-work model allows so-called “miners” to generate ETH by directing vast amounts of computer power to hard-to-solve puzzles.
merge ends that practice and replaces it with Proof of Stake A system that creates new ETH by collateralizing or staking large amounts of existing ETH.Proof of Stake is Ethereum 99% environmentally friendly Communication network.
But this transition also ends the practice of mining Ethereum. Stuck ETH Miner It uses specialized hardware that is expensive and may not be useful today.
So, along with the merger, Guo is looking to fork Ethereum and keep the old proof-of-work network so that miners can continue to generate cryptocurrencies with their existing equipment.
But that cryptocurrency is not ETH. After the merger, ETH will only be generated by Proof of Stake. By forking the Ethereum network, Guo will create a new cryptocurrency, which he calls ETHPOW, at least for now.
Such a move is not without precedent. In 2016 a developer forked his Ethereum to try to fix a massive hack, some purists remained with the old network called Ethereum Classic (ETC). At the time, Guo was a major proponent of his ETC creation, citing that fact when promoting ETHPOW this week.
However, Guo’s plans were never completed. Creating and maintaining a new Ethereum network requires a huge amount of support, both financially and technically.
ETHPOW is a completely different network and cryptocurrency than Ethereum, with no assumed value, infrastructure or utilityETH mining has been a profitable enterprise thanks to ETH underlying market valueand ETHPOW should likewise generate enough demand to encourage mining.
Guo did not respond immediately DecryptionRequest for comments on this story.
Ahead of the merger, the proof-of-work network and future-proof Ethereum Classic will: new interest and investmentEthereum co-founder Vitalik Buterin recently called ETC absolutely fine. SaidIf you like Proof of Work, you should go with Ethereum Classic.
However, ETC, which has been established for 6 years, still has value But part of the value of ETHIt remains to be seen how Guo’s ETHPOW will generate enough followers to maintain viability.
People are saying all sorts of things on the internet, said Ethereum core developer Maika Zoltu. Decryption“Until someone actually does the necessary work to make sure you have a release pipeline for the various clients and other software, I recommend ignoring them.”
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