Vitalik Buterin Plays Down Impact of Ethereum Forks After Merge

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The company co-founder said it’s unlikely that the Ethereum blockchain will be “significantly harmed by another fork.”

Ethereum co-founder Vitalik Buterin downplayed the impact of all the hard forks following the Merge network event in September.

Speaking at an ETH developer event in Seoul over the weekend, Buterin said, “I don’t expect Ethereum to really hurt the next fork.”

Ethereum’s Switch To Proof-Of-Stake:

Blockchain plans to switch to a proof-of-stake (PoS) mechanism next month, an event known as Merge, which developers say is cheaper, faster and more secure. environmentally friendly. The change from the proof-of-work (PoW) system will end the revenue stream for ETH miners, who are rewarded with Ether Tokens (ETH) for their efforts. In July alone, miners earned $620 million in ether, data shows.

vitalik buterin seoul

Tron founder Justin Sun has emerged as one of the most prominent investors supporting the hard fork to keep the money flowing. Buterin said proponents of the PoW consensus design switched to ETC when the network started in 2016 because it was known then that ETH would eventually switch to proof-of-stake (PoS), while ETC is now.

“I think Ethereum Classic already has a better community and a better product for people who have some pro-proof-of-work values ​​and preferences,” he said.

“Most everything” in the Ethereum ecosystem supports the proof-of-stake verification movement and is “highly integrated.”

Famous Chinese miners like Chandler Guo proposed a hard fork so that even if Ethereum passes The Merge and becomes valid for stakers, miners can continue to support the new isolated PoW version of the chain. Sun has dedicated part of his million ether holdings to the development of the so-called EthereumPoW network.

Sun’s Poloniex exchange has already listed ETHW futures, a product that allows traders to bet on the prices of tokens issued to ether holders after the EthereumPoW network goes live. Futures exchange BitMEX has now also called ETHW futures, almost a week after publishing a report on how traders can benefit from the market reaction following the token release.

“I hope whatever happens doesn’t result in people losing money,” he said.

“Few outsiders basically own exchanges, and most just want to make money,” Buterin said. “So I don’t expect him to have a long-term adoption.

“I hope whatever happens doesn’t result in people losing money,” he said.

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