Fundamental developments are rarely silent in the world of cryptocurrencies: the one to come concerning Ethereum and its gradual transition to Ethereum 2.0 after the long-awaited event of the “Merge” will obviously be no exception. As the debate rages on social media, one of the leading Ethereum (ETH) miners is thinking out loud: what if enough people prefer to keep mining ETH?
It is the Block that reports the information first: the small world of Ethereum miners has been agitated in recent weeks, as The Merge approaches, supposed to occur in September. Chandler Guo, an early influential miner and investor in funds like AU21 Capital, was the first to recall the idea of a potential fork of Ethereum to continue to be able to mine. Indeed, during the famous Merge, Ethereum must move from proof of work to proof of stake: network validators will then no longer need to mine, but simply escrow ethers (ETH) to contribute to the operation of the blockchain.
A horizon visibly little appreciated by Mr. Guo, already an extreme hard forker at the time of the TheDAO hack, where he had supported the dissident branch of Ethereum Classic (ETC). This idea of a new hard fork has since ignited social media, with everyone debating the merits or not of the potential coexistence of two Ethereum chains, one continuing its path in proof of work, and the other evolving towards Ethereum 2.0 in proof of stake.
As some builders of the Ethereum ecosystem have pointed out, like Mark Zeller of the Aave crypto lending protocol, forking Ethereum and making two chains coexist will amount to forking the decentralized finance ecosystem built on top of the second blockchain on the market.
A very adventurous hypothesis, which could possibly lead the residual blockchain in proof of work and its phantom projects to the abyss.
No doubt we will discuss each other’s arguments in our columns in the coming days, because the debate promises to be heated, lively and controversial.
Don’t get left behind by the cryptosphere! Prepare for the future today, and buy your first bits of bitcoin without even realizing it thanks to Bitstack… while earning €5 worth of BTC for free using the code JDC5! >>