as in ethereum takes his last step Towards a merge – the network’s much-hyped move for proof of stake – an influential crypto miner wants to create a movement to oppose that transition.
Chandler Guo, a well-known Chinese crypto miner, has launched a campaign to fork the Ethereum blockchain and create a spinoff, proof-of-work version. twitter post Last week.
In Ethereum’s current proof-of-work model, so-called “miners” can generate ETH by directing massive amounts of computer power at difficult-to-solve puzzles.
Merge would put an end to that practice, calling it a . will change from proof-of-stake System in which new ETH is created by pledging or staking large amounts of already existing ETH. Proof of Stake Hoping to Make Ethereum One 99% more eco-friendly Network.
But the transition will also end the practice of Ethereum mining, Trapped leaving ETH miners With expensive and now potentially useless specialized hardware.
For this reason, Goo is attempting to merge, “fork” Ethereum while preserving its old proof-of-work network, so that miners can continue to generate cryptocurrency with existing tools.
But that cryptocurrency will not be ETH – after the merger, ETH will only be generated through Proof of Stake. Guo, in forking the Ethereum network, will be creating a new cryptocurrency, which he is calling ETHPOW, at least for now.
Such a move would not be without precedent: in 2016, when developers forked Ethereum Massive hack attempt to fixHowever, some purists remained on the old network, which they dubbed “Ethereum Classic” (ETC). At the time, Guo was a major proponent of creating ETC, a fact he implemented while promoting ETHPOW this week.
However, Guo’s plan is by no means a done deal. Creating and maintaining a new Ethereum network will require an enormous amount of support, both economic and technical.
ETHPOW will be an entirely separate network and cryptocurrency from Ethereum, with no fictitious value, infrastructure, or utility, Mining ETH was a profitable venture thanks to ETH underlying market valueAnd ETHPOW would likewise need to generate enough demand to encourage mining.
Guo did not respond immediately decryptRequest for comment on this story.
In the creation of the merge, Ethereum Classic, which is and will remain a proof-of-work network, has received a wave of renewed interest and investment, Ethereum co-founder Vitalik Buterin recently called ETC “completely fine” and Told“If you like Proof of Work, you should use Ethereum Classic.”
But even ETC, which has been established and maintained for six years, is still worth but a fraction of the value of ETH, It remains to be seen how Goo’s ETHPOW will generate enough of a following to maintain viability.
“People say all kinds of things on the internet,” explains Ethereum core developer Micah Zoltu decrypt, “Until one actually goes through the work needed to ensure that there is a release pipeline for different clients and other pieces of software, I recommend just ignoring them.”