Ethereum’s co-founder Vitalik Buterin on Saturday stated the Ethereum transition from proof-of-work (PoW) to proof-of-stake (PoS) is unlikely to be affected by miners transferring to Ethereum Classic.
Buterin reaffirms his assist for the Ethereum Classic chain saying miners can proceed mining Ethereum tokens after the Ethereum Merge. The value of ETC jumped over 6% consequently.
Vitalik Buterin Believes Miners Can Move to Ethereum Classic Post Merge
Ethereum co-founder Vitalik Buterin in a closed press convention throughout South Korea Blockchain Week stated the Merge is unlikely to be impacted if miners mine tokens on the Ethereum Classic blockchain, reported Bloomberg on August 6.
The Merge will make miners out of date, presumably impacting over 1 million individuals globally. Miners and customers who consider in proof-of-work (PoW) can use the Classic blockchain. In truth, miners will most likely shift to Ethereum Classic (ETC) post-Merge, as their earnings are already impacted after the crypto crash.
“I don’t expect Ethereum to really be significantly harmed by another fork. In general my impression from pretty much everyone I talk to in Ethereum ecosystem, they have been completely supportive of the proof-of-stake effort and the ecosystem has been quite united around it.”
He additionally criticized individuals and crypto exchanges equivalent to Tron’s founder Justin Sun, Poloniex, and Huobi for supporting the EthereumPoW (ETHPoW) arduous fork of Ethereum. He stated they’re “simply trying to make a quick buck.” Vitalik believes there can be issues with the fork, and the “people responsible must mitigate those problems.”
The Merge will be influential for the group. Moreover, ZK-Rollups will probably be Ethereum’s high Layer 2 scaling resolution. Vitalik Buterin says he doesn’t need individuals to lose cash on account of Ethereum’s transition to PoS.
“I hope that whatever happens, doesn’t lead to people losing money. Hope for the best.”
ETC Prices Rally Higher Amid Support
The Ethereum Classic (ETC) value has rallied considerably since Vitalik Buterin and AntPool supported the PoW blockchain. The Ethereum Classic costs have jumped over 200% in only a month, from $14 to over $44.
In the final 24 hours, the ETC value has soared over 8%, with the present value buying and selling at $38.14. Meanwhile, Ethereum’s (ETH) value is buying and selling at $1,713, up over 3%.
The offered content material might embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability in your private monetary loss.
