As the discussions associated to Ethereum PoW arduous fork flip right into a heated battle, ETC Cooperative sends an open letter to outstanding miner Chandler Guo, the mastermind of the Ethereum PoW arduous fork. ETC Cooperative, the group supporting Ethereum Classic (ETC) challenge, strongly believes the “Ethereum PoW fork won’t work.”
ETC Cooperative Open Letter to ETHPoW Miner Chandler Guo
In an open letter to Chandler Guo, ETC Cooperative explains why they imagine the Ethereum PoW arduous fork wouldn’t work. Also, forking Ethereum would be the hardest factor to do now.
“At the time of the ETH/ETC chain split, supporting ETC was the simplest thing in the world to do – just keep mining. Just keep running the same client software. It was a zero-effort thing to do. The hard coordination work was all on the pro-fork side.”
In order to fork Ethereum, Chandler Guo and his group must fork Geth, Erigon, Besu, and Nethermind codebases. Thereafter, the group should take away the proof-of-stake (PoS) transition logic that Ethereum Foundation has up to date over time. Only then, Chandler Guo’s group will be capable to disable the issue bomb and replace the Chain ID to offer replay safety.
Another arduous factor to do is persuade mining software program authors to make adjustments to their mining software program. Unlike the shopper code, many mining software program are closed-source, which restricts different builders to make adjustments.
Moreover, Chandler Guo and his group must persuade pockets suppliers, exchanges, and different events to assist ETHW. Also, it’s essential to work with node operators to put in and run a brand new working shopper software program.
Coordinating all of those might be arduous and time-consuming. ETC Cooperative claims finishing Ethererum PoW arduous fork on time is not possible, even when Chandler Guo completes all required adjustments. The Merge is simply weeks away.
There is not any info on the web site ethereumpow.org, weblog posts, articles, tutorials, or different documentation associated to shopper and software program improvement. Open-source improvement is essential for any challenge to ascertain belief.
Stablecoins (USDT, USDC, and so on.) will assist Ethereum (ETH) or else they’ll go to zero. Most DeFi tasks might be damaged as the whole lot in DeFi is constructed round stablecoins. Also, NFTs wouldn’t be acknowledged or supported on the ETHPoW chain.
“At the time of the ETH/ETC split there was no Defi or custodial stablecoins, so nothing really broke. Now, most of the value on ETH is in the form of tokens, not just the native Ether. So the new chain will be pretty useless to existing ETH users.”
Dragonfly Research’s article explains why “Ethereum is now unforkable.”
Vitalik Buterin, Barry Silbert, AntPool Support Ethereum Classic
Ethereum co-founder Vitalik Buterin criticizes the EthereumPoW project, saying they’re “simply trying to make a quick buck.” He believes Ethereum miners can transfer to Ethereum Classic (ETC) post-Merge.
Barry Silbert, CEO of Digital Currency Group, mother or father of Grayscale, Genesis Trading, and Foundry, encourages ETH miners to modify to ETC. He can also be one of many top supporters of the Ethereum Classic ecosystem.
Mining pool large AntPool and its CEO Leon Lyu not too long ago introduced $10 million to assist the Ethereum Classic ecosystem. Leon Lyu commits additional investments within the tasks.
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