Hardfork due to Ethereum Merge finds more supporter!
8/8/2022, 05:42 AM
We would expect the impending merger between the Beacon Chain and the Ethereum mainnet, formerly known as Ethereum 2.0, to have a significant impact on the price of the second most important cryptocurrency on the market. However, this is not the case. The value of Ether has merely recovered from around $1,000 in early July to around $1,700 now. The vast majority of investors are still in net losses.
In the same period, the fork Ethereum Classic, which was split off in a dispute, shows a much more positive development. The price of the coin has risen by more than 170 percent in July. After a relatively rapid rise from below $15 to over $40, the price has been consolidating around $40 for a few days, reaching a 90-day high.
The price of Ethereum Classic, a fork of Ethereum, has risen by more than 170 percent in the past month. This could continue. Ethereum founder Vitalik Buterin explains the lack of price movement in the upcoming merge quite simply by the fact that it has not yet arrived in the minds of investors and is therefore not yet priced in.
A well-known Chinese Ethereum miner named Chandler Guo has launched a campaign for a hard fork of the network. This would split Ethereum into two versions, with the old version continuing to operate under the name ETHPOW. The reason for this is that the merge would make miners obsolete.
In a tweet, Guo announced that he would keep the old network alive under the ETHPOW name. This is not the first time that Ethereum has undergone a hard fork; the most notable instance was the DAO fork of 2017, which led to the creation of Ethereum Classic.
Ethereum (ETH) miners who fear the worst if the much-anticipated switch to Proof-of-Stake (PoS) is to take place next month may be given a lifeline - with Justin Sun and his cryptocurrency exchange announcing they will offer support for a proposed Proof-of-Work (PoW) fork.
The Ethereum network currently uses a PoW protocol which allows miners to mint new tokens. Switching to PoS could help ETH in many ways but would leave miners in the network in a dark corner. Their rigs would become worthless overnight - unless they could be repurposed for mining on other networks.
A solution to this problem has been proposed by Chinese miner Chandler Guo who has announced he will split the Ethereum network to create a PoW version of ETH.
Indeed, Guo has been very optimistic about this in recent weeks, hinting that he wants to create a real competitor to a PoS version of Ethereum.
Poloniex, meanwhile, has explained that it was the first exchange in the world to list ETH and will soon be the first to support a potential split of ETH with the listing of two potential ETH tokens. In a blog post, the exchange wrote that its move to list both forked tokens would mitigate the risks of market volatility during the hard fork and protect users' assets.
Guo has experience with Ethereum forks already, having been instrumental in supporting the Ethereum fork in 2016 which led to the birth of the Ethereum Classic (ETC) token.
In the same period, the fork Ethereum Classic, which was split off in a dispute, shows a much more positive development. The price of the coin has risen by more than 170 percent in July. After a relatively rapid rise from below $15 to over $40, the price has been consolidating around $40 for a few days, reaching a 90-day high.
- ETC price increases due to ETH2 merge
- Ethereum miner named Chandler Guo has launched a campaign for a hard fork
- Justin Sun and his cryptocurrency exchange announcing they will offer support for a proposed PoW fork.
The price of Ethereum Classic, a fork of Ethereum, has risen by more than 170 percent in the past month. This could continue. Ethereum founder Vitalik Buterin explains the lack of price movement in the upcoming merge quite simply by the fact that it has not yet arrived in the minds of investors and is therefore not yet priced in.
A well-known Chinese Ethereum miner named Chandler Guo has launched a campaign for a hard fork of the network. This would split Ethereum into two versions, with the old version continuing to operate under the name ETHPOW. The reason for this is that the merge would make miners obsolete.
In a tweet, Guo announced that he would keep the old network alive under the ETHPOW name. This is not the first time that Ethereum has undergone a hard fork; the most notable instance was the DAO fork of 2017, which led to the creation of Ethereum Classic.
Ethereum (ETH) miners who fear the worst if the much-anticipated switch to Proof-of-Stake (PoS) is to take place next month may be given a lifeline - with Justin Sun and his cryptocurrency exchange announcing they will offer support for a proposed Proof-of-Work (PoW) fork.
The Ethereum network currently uses a PoW protocol which allows miners to mint new tokens. Switching to PoS could help ETH in many ways but would leave miners in the network in a dark corner. Their rigs would become worthless overnight - unless they could be repurposed for mining on other networks.A solution to this problem has been proposed by Chinese miner Chandler Guo who has announced he will split the Ethereum network to create a PoW version of ETH.
Indeed, Guo has been very optimistic about this in recent weeks, hinting that he wants to create a real competitor to a PoS version of Ethereum.
Poloniex, meanwhile, has explained that it was the first exchange in the world to list ETH and will soon be the first to support a potential split of ETH with the listing of two potential ETH tokens. In a blog post, the exchange wrote that its move to list both forked tokens would mitigate the risks of market volatility during the hard fork and protect users' assets.
Guo has experience with Ethereum forks already, having been instrumental in supporting the Ethereum fork in 2016 which led to the birth of the Ethereum Classic (ETC) token.