Vitalik Buterin Plays Down Impact of Ethereum Forks After Merge
The company co-founder said it’s unlikely that the blockchain will be “significantly harmed by another fork.”
SEOUL, South Korea – Ethereum prime supporter Vitalik Buterin made light of the effect of any hard forks after the organization’s Merge occasion in September.
Talking at the engineer occasion ETH Seoul throughout the end of the week, Buterin said, “I don’t anticipate that Ethereum should truly be fundamentally hurt by another fork.
The blockchain plans to change to a proof-of-stake (PoS) system, an occasion known as the Merge, one month from now in a move designers say will make it less expensive, quicker and all the more harmless to the ecosystem.
The change from a proof-of-work (PoW) framework will end a revenue stream for Ethereum excavators, who are compensated with ether (ETH) tokens for their endeavors. Excavators created $620 million in ether in July alone, information shows.
Tron organizer Justin Sun has arisen as perhaps of the most noticeable financial backer supporting a hard fork to keep the cash streaming.
Ethereum Founder Vitalik Buterin
Buterin said proponents of the PoW consensus design switched to Ethereum Classic when the network started in 2016 because it was known then that Ethereum would eventually switch to proof-of-stake (PoS), while Ethereum Classic is now. “I think Ethereum Classic already has a better community and a better product for people who have some pro-proof-of-work values and preferences,” he said. “Most everything” in the Ethereum ecosystem supports the proof-of-stake verification movement and is “highly integrated.”
Famous Chinese miners like Chandler Guo proposed a hard fork so that even if Ethereum passes The Merge and becomes valid for stakers, miners can continue to support the new isolated PoW version of the chain. Sun has dedicated part of his million ether holdings to the development of the so-called Ethereum PoW network. Sun’s Poloniex exchange has already listed ETHW futures, a product that allows traders to bet on the prices of tokens issued to ether holders after the EthereumPoW network goes live.
Futures exchange BitMEX has now also called ETHW futures, almost a week after publishing a report on how traders can benefit from the market reaction following the token release. “I hope whatever happens doesn’t result in people losing money,” he said. “Few outsiders basically own exchanges, and most just want to make money,” Buterin said. “So I don’t expect him to have a long-term adoption.