EthereumPoW hard fork will not “significantly” harm Ethereum

Another hard fork will not “significantly” harm Ethereum (ETH) and “virtually everyone” in the Ethereum ecosystem supports The Merge, when the network moves from a PoW system to point of saleaccording to Ethereum co-founder Vitalik Buterin.

His comments come after some crypto miners, including prominent Chinese miner Chandler Guo, expressed their intention to fork Ethereum as it heads towards PoS, rendering miners obsolete.

“I don’t expect Ethereum to be really damaged significantly by another hard fork,” Buterin said during a webinar last weekend, according Fortune.

“My impression of almost everyone I spoke to in the Ethereum ecosystem is that they fully supported the proof-of-stake effort and rallied behind it,” he said.

For now, the long-awaited Merge update should arrive in September. Ethereum supporters are excited about the upgrade, which should improve network efficiency and reduce its environmental impact.

However, Ethereum miners, whose profits hang in the balance after the update because it would remove the need for miners to secure the network, are apparently unhappy. To maintain their revenue, they announce a possible future upgrade of the chain “ETH PoW” (“Ethereum proof-of-work”).

The Ethereum mastermind claimed that the pushers of a hard fork are mostly “a few foreigners who basically have trades and most just want to make a quick buck.”

“So I don’t expect it to be adopted in the long term, just because I think Ethereum Classic [ETC] already has a superior community and a superior product for people testing the work,” noting that there may still be “a few tokens” as Ethereum changes.

Buterin also reportedly said that if a PoW fork turns out to be successful, many decentralized applications would have to “choose one way or another”, which could cause a lot of confusion and problems in the market: “J hope whatever doesn’t happen that people lose money.”

While there may be different attempts to fork the Ethereum blockchain, the one that has already found some traction is called EthereumPOW. Led by Guo, the attempt is believed to be backed by several Chinese companies that manufacture Ethereum mining equipment. (As reported in July, bitmain released its new Ethereum mining rig, AntMiner E9, despite the switch from Ethereum to PoS).

Meanwhile, even this attempt apparently doesn’t have a large community of supporters. For example, looking at his donation address, he received less than $3,000 worth of ETH in six days.

In any case, some exchanges have already indicated that they will use this possible ETH hard fork to increase their trading income.


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