ETHPoW Team Says Forking Ethereum (ETH) Blockchain Is “Inevitable” – Money Times August 15, 2022 by admin Analysts believe that the “fork” of the Ethereum will not succeed.(Image: Unsplash/Tom Parsons)
The team behind ETHPoW published this Friday (12) an open letter, saying that the “hard fork” in the block chain and Ethereum ( ETH ) to maintain a version with the proof-of-work (POW) consensus mechanism is “inevitable”.
ETHPoW is a planned fork on the network Ethereum .directed by Chinese crypto miner Chandler Guo the suggestion aims to generate a division in the network of Ethereum separating the new blockchain from the main blockchain.
Guo says the fork will allow miners to continue mining ETH after Ethereum go through the update” Fusion ” and transition to Proof of Stake (PoS).
However, the fork will result in two blockchains, each with its own version of the protocols and tokens that run on the blockchain.
ETHPoW published an open letter to ETC Cooperative, the development team behind Classic Ethereum ( ETC ).
The letter was written in response to ETC Cooperative’s previous letter to Chandler Guo, in which the reasons for the fork to be created ETHPoW would not succeed and miners should just switch to Ethereum Classic, which uses the PoW engine.
In the open letter, the ETHPoW argues that Ethereum Classic will not accommodate all existing miners of the Ethereum .For this reason, the team claims that not one, but multiple PoW forks are needed.
“The small ETC pool is by no means capable of accommodating all the computing power of the ETH pool.That’s a fact.Faced with such difficult facts, this hard fork is inevitable,” said the team of ETHPoW .by manter blockchain proof of work Ethereum Fork Preparations
The open letter also mentions preparations for the fork.the team of ETHPoW said to have removed the “difficulty bomb” tool in its own version of the code from Ethereum as well as other developmental changes.
Difficulty Bomb is a mechanic created by the developers of Ethereum to prevent miners from interrupting the implementation of “The Merge”, making blocks on the network more difficult to mine.
By removing this mechanism, ETHPow hopes to allow miners to easily produce new blocks when the fork occurs.
Additionally, the team ETHPoW provided details of other developments.
She said she was planning a testnet of ETHPow where developers can test fork code before it is deployed.
The team behind the bifurcation of the Ethereum also updated the blockchain ID, a network identifier used to connect wallets to cryptocurrencies and claimed to have added protections against replay attacks, a type of network attack that can occur when forking blockchains.
According to the letter, ETHPoW will fork in September, potentially around the same estimated date for the implementation of “The Merge” on the main blockchain.Ethereum .
The bifurcation of Ethereum was commented on by network co-founder Vitalik Buterin, who said that ETHPow will hardly succeed in the long run.
While participating in ETHSeoul, Buterin said he doesn’t see an organic aspect offered by the fork and said it’s just “some foreigners who basically have brokerages and mainly want to earn money easily”.
“I don’t expect [o fork PoW] have substantial, long-term adoption,” said the co-founder of Ethereum .
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O money time publishes informative articles of a journalistic nature.This publication does not constitute an investment recommendation.
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