Tron (TRX) founder Justin Sun has revealed support for Ethereum (ETH) Proof of Work (PoW) hard fork.
on August 4th TweetSun said it will donate some coins to the forked Ethereum PoW community to develop the ecosystem.
Currently over 1 million #ETH. If #Ethereum After a successful hard fork, donate what was forked #ETHW To #ETHW Communities and developers building #Ethereum ecosystem. https://t.co/ee4kGSuVoK
— HE Justin Sun 🌞🇬🇩 (@justinsuntron) August 4, 2022
His cryptocurrency exchange Poloniex announced Support a potential hard fork of Ethereum. According to the announcement, all his ETH holders on the exchange “will receive forked assets at a 1:1 ratio to him once the upgrade is complete.”
The exchange will also list two potential fork tokens of Ethereum, ETHS, and ETHW before the upgrade. A user can swap her ETH 1:1 to either of the two forked tokens.
Why Ethereum PoW?
Chandler Guo, an influential Chinese cryptocurrency miner and promoter of the Ethereum PoW fork, said: crypto slate ETH’s move to a PoS network will “turn miner income into staking income,” it said.
When Ethereum eventually transitions to a PoS network, the blockchain will require little miners as validators will use existing ETH to validate blocks and create new ETH after merging to generate staking rewards. lose. These validators can also earn staking rewards.
Since then, we have received 83 donations. You also get free servers, AWS credits, and volunteer engineers and designers from the community. I am so happy to have you all! https://t.co/swN9cizKNI
— ETHPoW (@EthereumPoW) August 4, 2022
Meanwhile, a Twitter account belonging to the EThereumPoW community revealed that it had “received 83 donations, free servers, AWS credits, and volunteer engineers and designers” to help develop the ecosystem.
Community view
The cryptocurrency community reacted differently to the news that Justin Sun is supporting a PoW fork of Ethereum.
According to Step Finance’s George Harrap, this is another stunt for Sun.Harup he said
There is already a PoW version of Ethereum called Ethereum Classic (ETC).
Harsh Rajat, founder of Ethereum Push Notification Service (EPNS) said:
The beauty of decentralization is that in the end it’s all about network effects and anyone who feels they can do things differently can do those other things Of course, I’m in favor of ETH Merge and the main Ethereum PoS chain, but with open source, people who want to do something different have no problem with technical limitations and how many people support them. or just means you can do it.
Cronos Chain’s Ken Timsit said he doesn’t think a forked PoW chain can have enough decentralized applications within the community because “PoS is good for the ecosystem and the environment.”
Bitfinex market analyst speculates:
The potential for new forks to the Ethereum network in a proof-of-work format demonstrates the constant impetus to innovation in the digital token economy…how will these chains evolve if new forks emerge? It would be interesting to see Some say we are currently in “crypto winter,” but now may be the right time for developers to build. Perhaps these forked chains will play an important role in the ecosystem… moreover, his ETH1 PoW chain in the future could significantly reduce interest in ETC. .
