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Cryptocurrency exchange Huobi has decided to support any hard forks of Ethereum following the network’s planned transition to Proof-of-Stake (PoS) consensus. True, digital assets will have to meet five requirements.
Ethereum is nearing the transition to Proof-of-Stake (PoS) from the energy-intensive Proof-of-Work (PoW) consensus. The so-called “Merger” could happen as early as September. Such changes have met with resistance from Ethereum miners, who have spent billions on hardware that will no longer be needed to work.
And while miners can’t stop the merger, they can clone Ethereum and create their own version of the network where this notorious transition won’t happen.
Founded in China in 2013 and currently based in the Seychelles, Huobi has said it will support fork tokens if they meet five criteria.
- The hard fork project team notifies Huobi Global and receives a clear response before the hard fork.
- Two-way replay protection is implemented by default, i.e. trading on one network is not duplicated on another.
- The new blockchain will not be covered or eliminated by the original network.
- Trading on the two separate networks should be differentiated so that an update is required for all wallets (including lightweight nodes) to support the new network.
- Before the start of the hard fork, official client software that has passed public testing and evaluation must be published.
Listing on an exchange allows you to buy and sell crypto-tokens of divided networks and creates more legitimacy in the eyes of investors.
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