Justin Sun’s Poloniex Will Support Ethereum Proof-of-Work Fork
Posted on August 5, 2022
Last week, Chandler Guo, a prominent Chinese crypto miner, announced its intention to resist the Ethereum “merger”pair fork the ethereum block chain and create a proof-of-work version derived from the network.
This campaign has gained a remarkable ally today.
Crypto exchange Poloniex announced this morning that it will support and list ETHW, the fork of Guo work test version of Etherealstarting next week.
📢 The Ethereum merger is expected to take place in September 2022. Poloniex was the first exchange in the world to be listed #ETH and now the first to support the potential fork of ETH with the list of two potential ETH tokens: #ETHS & #ETHW.
Ethereum’s “merger” refers to the network’s long-awaited transition to proof of stake. Ethereum currently operates on a proof-of-work model that allows so-called miners to create new ETH by directing massive amounts of computing power at difficult puzzles. The merger will transition Ethereum to a faster and more scalable proof-of-stake model, in which new ETH is created by committing or staking large amounts of pre-existing ETH.
Thus, the merger would end the practice of mining ETH, a blow to the miners as Guo. It is for this reason that he and others are attempting to launch ETHW: to allow people to continue to mine a form of Ethereum. And from today, Poloniex supports this campaign.
In a blog postPoloniex said it intends to “give full support to the ETH update and its possible hard fork. Starting August 8, the exchange will allow users to trade ETH for ETHW, and vice versa, on a one-to-one basis. Poloniex will also list ETHS, a cryptocurrency that represents Ethereum’s proof-of-stake if the merger is successful, on a one-to-one basis with ETH.
If the merger, which is must take place in september, goes off smoothly, then Poloniex will automatically convert all ETH to upgraded ETH after the merger. And, if at that point Guo and his followers fail to fork the Ethereum network, Poloniex will suspend and terminate ETHW and its associated exchanges, according to the blog post.
When the listing was announced, Poloniex’s main investor, the CEO of Tron justin suntook to Twitter to celebrate the news.
“We have witnessed the consensus mechanism of [proof of work] as a key factor in the expansion of [the] the Ethereum ecosystem,” Sun said this morning, “and are ready to continue supporting community development.”
Guo and other ETH miners hope that the creation of ETHW will allow mining of a version of Ethereum to continue. But ETHW would be a completely separate network and cryptocurrency from Ethereum, with no market value or inherent utility.– unless you find developer support, a marketplace, and users.
Poloniex’s endorsement of the fledgling token lends it some much-needed credibility. The move is also consistent with Sun’s historical and often strained relationship with Ethereum and the network’s co-founder, Vitalik Buterin.
The marked similarities between Sun’s Tron network and Ethereum, which predates it by several years, have long been known, and even granted by the Sun himself. Tron’s white paper even came under scrutiny for possible plagiarism.
Over the years, Sun and Buterin have they exchanged innumerable quills; once sun planted a Buterin live chat, accompanied by a man in a lawyer’s suit, in an apparent attempt to escalate an earlier online dispute. The founder of Tron has previously admitted have a kind of obsession with Buterin.
Meanwhile, Buterin is currently engrossed in the Ethereum merger, a major and highly anticipated event that has been in the works for years. A hard fork like the one ETHW is attempting would certainly be a thorn in Buterin’s side, which, if successful, could damage the legitimacy of the new post-merger Ethereum network.
still very big Y, and ETHW’s chances of success are slim. But with the help of Poloniex and Sun, they got a little better.
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