Pushback From Crypto Miners Indicates The Coming Of Ethereum Offshoots!
Ethereum’s shift from Proof of Work to Proof of Stake Consensus will be complicated. Few Industry players are working towards creating a fork of the existing blockchain and running a Proof of work-based chain using the miners.
Blockchain forks have been the mainstay of different Blockchains Ecosystems since the inception of Bitcoin a decade ago. Various analysts believe the newly forked blockchains would lack support from users, promoters, and Decentralized Application Development.
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Pushback From Crypto Miners Indicates The Coming Of Ethereum Offshoots
During the Build Asia 2022 conference, Vitalik Buterin (Cofounder of Ethereum) said that forking would be not worthy as it would not add any value or any differentiation with the current blockchain available.
Also, Intel Manager Messari Aidan Mott believes that the POW Ethereum fork is much short-sighted. Also, detailed research and meaningful planning to support a new forked Network are quite limited.
Still, there are almost 60 Developers who are working on the fork.
A company (FlexPool) works with miners to support the Ethereum Ecosystem. Chris Kyle believes that there is a need to have someone famous behind the creation of the new Ethereum Work. Various Blockchain Companies would wait and analyze if they should support the Ethereum Classic form. Taylor Monahan, Metamask’s product lead, stated the company will support this newly forked cryptocurrency if it has promise and value.
Ethereum’s POW Fork
There is a new initiative created by Guo, An Ethereum Miner in China, living a retired life in San Francisco. Various China-originated companies would become obsolete after the Ethereum merge as the production of Ethereum Mining Equipment would be not worthy due to zero or negligible demand.
Various companies like Poloniex Exchange are planning to support a new Proof of work token as per the Bloomberg publication. Justin Sun’ Founder of Poloniex Exchange, has already built a Proof of Stake Blockchain, Tron Blockchain.
Sun Further Added that Ethereum’s Proof of Work is battle-tested and dependable. Miners can still support the fork. After the Ethereum Merge, they would have a choice to migrate to POS or support Independent forks like Ethereum Classic.
Meanwhile, some companies would wait and watch the dynamics after The Ethereum Merge.
Ethereum Upgradation In September 2021
It is expected that Ethereum will soon undergo a major Upgrade where it will make the transition from the utilization of high computational power computers to quite an energy-efficient solution for validating the transactions. There are few community Members who are not happy with the change, and a lot of companies, like said before, are planning to fork Ethereum with some modifications.
There will be a merge on the Goerli testnet, which will be the final merge on the testnet. After this successful merging, the journey to mainnet merge will begin, and by next year, Ethereum will be completely transitioned to POS Consensus.
