In anticipation of the transition of the Ethereum blockchain to the PoS algorithm, which will take place at the end of September, at least one of the owners of large mining farms announced a decision to continue supporting the old network. According to analysts, this will not be the only PoW fork of Ethereum.
Journalists on Friday invited Vitalik Buterin to comment on the possibility of ETHPoW forks and to suggest what their impact on the ecosystem will be.
The founder of Ethereum recognized the correctness of analysts’ forecasts. The old network will not disappear, but Buterin sees no competition with the PoS blockchain in this. In his opinion, all those who are going to support ETHPoW are simply looking for an opportunity to make quick money on the “fork” of coins.
Buterin did not name specific names, calling the future organizers of the fork outsiders. He acknowledged that they have all the tools to fork – exchanges and farms. There is no point in supporting the old network. Buterin once again recalled the existence of the Ethereum Classic blockchain, which has been operating since 2016, and advised miners to move to this ecosystem.
The creator of Ethereum focused on the fact that the name ETH cryptocurrency will remain behind the PoS chain. Despite the preservation of the old ecosystem on the same code, the miners who supported it will have to invent a new name for their cryptocurrency and it will be a completely different coin.
However, Buterin acknowledged that with enough ETHPoW support, chaos would ensue. This will especially affect NFT collections, which will no longer be unique and their copies will remain in the first version of the blockchain and in the Ethereum 2.0 network.
The success of the old network will largely depend on the developers of popular smart contracts. Buterin gave a simple example, if stablecoin issuers Tether, Circle and Binance do not support ETHPoW, then the old network will not last long without cryptodollars.
Most likely, the hard fork will receive USDD, the stable token of Justin Sun. The founder of Tron has already declared full support for ETHPoW, not only on the Poloniex exchange he owns, but also financially. The company is ready to donate some of the funds received after the “split” of 1 million ETH to the developers.
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