The group is anxious concerning the threat of a miner-led fork that might cut up the community as Ethereum will get nearer to switching to proof-of-stake consensus, often known as “the merge”
Chandler Guo, a widely known Chinese language investor and miner of cryptocurrencies, mentioned final week on Twitter that he would fork the Ethereum blockchain into one thing he named “ETH POW,” permitting miners to proceed their actions after the merge. This gave the idea new momentum.
The merge, which is anticipated to happen within the subsequent months, would change Ethereum’s consensus methodology from proof-of-work (PoW) to proof-of-stake (PoS). That can cast off the requirement for miners, who’ve invested billions of {dollars} in buying graphical processing unit (GPU) chips to mine new blocks, to confirm transactions.
Ethereum builders have lengthy predicted that the merge shall be unpopular
In consequence, Ethereum builders have lengthy predicted that the merge shall be unpopular with miners and have taken steps to forestall their intervention, together with the implementation of a “issue bomb” that can make it far harder to mine new blocks.
Whereas miners can’t block the merger, they’ll copy ETH and construct a special community the place the change by no means happens. Whether or not they can persuade anybody to make use of their forked model is the query.
On this, Guo has kind. He participated within the Ethereum fork in July 2016 that gave rise to ETH Basic. Guo now hopes to duplicate the accomplishment by accumulating sufficient hash energy, a metric for cryptocurrency mining output, and persuading different miners to work with him.
“I fork Ethereum as soon as, I’ll fork it once more,” Guo wrote in a post final week.
If he’s profitable, the ETH community will break into two chains: the usual PoS chain managed by ETH core builders and validators, and the non-canonical PoW model operated by the miners.
Because the community is cloned, holders of ether would obtain tokens on the brand new chain, however for a really completely different value. POW ETH that has been forked might want to have its native asset listed once more on cryptocurrency exchanges and undergo new value discovery, with no assurance that the forked tokens shall be value something.
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