Miners migrating to Ethereum Classic will not disrupt Merger, says Vitalik Buterin

Vitalik Buterin said that the next Merger of the block chain with consensus Proof of Stake (point of sale) would not negatively affect miners minting new tokens in Ethereum Classic.

Speaking in a webinar on Saturday, Buterin said he did not expect any adverse effects on block chainbecause the majority of the Ethereum community supports Fusion.

The merger with the point of sale denies the need to Ethereum minerscurrently securing the network using equipment from mining expensive and earn ETH in the process, for whom the merger could result in significant financial losses.

As a result, many miners could return to block chain Ethereum’s original, Ethereum Classic, which still uses proof of work (PoW).

RaĆ­ces of Ethereum Classic

The Roots of Ethereum Classic date back to a philosophical split in the Ethereum community after DAO Hacking in 2016, nail decentralized autonomous organization whose operating rules were encoded in a code contained in a smart contract.

The CAD was hacked to the tune of $3.6 million and split the Ethereum community. A faction voted to transfer funds from the DAO smart contract to another smart contract.

In contrast, others have opted to keep the existing smart contract. The first group chose to transfer the funds to a smart contract on a new chain or “fork“, whilee others have chosen to preserve the old block chainknown as Ethereum Classic, which still uses a PoW consensus mechanism.

ETC and more

Users shouldn’t notice a difference, says Beiko

There are concerns that miners reverting to Ethereum Classic could disrupt the Merger. Ethereum suffered a series of denial of service attacks after the fork from 2016, and we expect that Exchanges of cryptocurrencies Proceed with caution when merging occurs.

Ideally, users shouldn’t notice anything different, says developer Tim Beiko.

Buterin added that Ethereum Classic has a strong community and a strong product for fans of proof of work.

The community strongly promotes proof-of-work values. However, the market could still be split.

Buterin hopes people won’t lose money

The decline in revenue from ether mining caused by the prolonged decline in Ethereum prices has already put miners under financial pressure.

The bone institutional miners from Bitcoin they had to sell BTC strengthen balance sheet liquidity. others take loans against the machines of bitcoin miningknown as application-specific integrated circuits (ASICs).

Buterine said that he hopes that, in any case, people don’t lose money. In May 2022, he said that, barring problems, thea merger could take place in August. The problems could mean that the Merger is delayed until September or October 2022.

At press time, Ethereum was hovering around the $1,718 mark.


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