ETH 2.0 Vs ETH fork Which Chain do you prefer and Support?
The ETH merge is approaching
Like a swiss train that is almost always on schedule the ETH event that marks its transition from POW to POS is slated to happen in September 2022.
What is the ETH Merge ?
According to Ethereum.org and I quote the four main points of the merge
i) Soon, the current Ethereum Mainnet will merge with the
Beacon Chain proof-of-stake system.
ii) This will mark the end of proof-of-work for Ethereum, and
the full transition to proof-of-stake.
iii) This sets the stage for future scaling upgrades
including sharding.
iv) The Merge will reduce Ethereum's energy consumption by
~99.95%.
This event can be a game changer for the crypto ecosystem.
This would transform ETH which consumes a lot of energy currently to a more efficient chain.
It would also create a lot many Defi opportunities.
Not everyone is happy with ETH 2.0
Apparently there have been voices od dissent that support the proof of work mechanism more than proof of stake.
This is due to the fact that a lot of money has been invested overtime in hardware used for ETH mining and the miners who wish to protect their financial interest are opting for a proposal where a fork of the current ETH chain would be done.
This fork would ensure that the code base of the fork creates a new chain that supports and works on the old POW mechanism.
The POW Fork chain idea is getting some support
Recently people of the likes of Justin Sun have said that they would pledge a sum of 1 million ETH to support the new forked ETH
POW chain.
In addition the Sun backed Poloniex exchange wold list the potentially new chain POW token when it gets launched.
Would the New POW fork succeed ?
It remains to be seen what use case emerges for the new POW ETH token beyond supporting the interest of the ETH miners who seem to enjoy a lot of clout.
However for the ETH holders this an unlock some free tokens and potentially some financial gains as has been seen with so many forks of Bitcoin and also the emergence of cois like ETH classic
More gains to Crypto Culture🔥. Reshared🔁
Hi I do not see you resteeming posts anymore.
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I think the chain with the most trust of centralized stable coins will be the one that will be the most succesfull as it will bring more demand to the chain.
That is an interesting perspective @ga38jem
Thanks for stopping by and sharing your views.
the beauty about crypto that there is some kind of news like this, which is a joke... justin sun, yes sponsored eth fork... sure its not having good reputation... ha!!
but its fun news... yes these miners were threathening big a year ago remember, to merge together their hash power and take control of Ethereum network, that time vitalik and others got more motivated to push for POS...
Ethereum CLassic is always there...for miners timepass... they can add another network and time pass mining...
the real ethereum could be a game changer, that true... and everyone is serious on that... it will take a while for that POS chain to function like a functional POS change after the merge I think... so there is plenty of time for ETH beacon chain to become actually active ...
It will be interesting to see how all this goes, and that etH difficulty bomb plays out... making Ethereum not operational...
Ethereum is one of the oldest Blockahins,.. glad its evolving, it hate it but have respect for it...first smart contract blockchain imagined by a 19 year old Vitalik Buterin... and having given ideas for others to start hot Blockchains like Polkadot and Cardano!!
Hi @mintymile
You make an interesting observation and present a different perspective about one chain for miners time pass and the other for serious projects .
Point noted :)
Appreciate your stopping by and sharing your views.
Forking ETH at this point will create a lot of confusion for users and investors which is not helpful either for the original or the fork… There is already Ethereum classic for miners to switch to if they are interested in protecting their financial interests. Why the hassle of creating a new fork then? But I think there are many who try to make money at any opportunity they see
Thanks for sharing :)