BlockchainCryptocurrencyETH (Ethereum)

Ethereum’s Recent Debate Concentrates on PoS vs. PoW; Players Choose Sides

The Ethereum Merge is by far the most-awaited event in the marketplace and will take place soon, possibly in September.

As expected, ETH enthusiasts remain bullish as the upgrade would enhance the blockchain’s efficiency and reduce its environmental effect. Meanwhile, many leading players have plans for their next moves as the transition looms.

What Is Your View?

The migration to Proof-of-Stake from Proof-of-Work would merge the Beacon Chain with Ethereum’s primary mainnet. That will see it concluding the process while eliminating the miner’s involvement.

Visibly, not everyone appears to agree, especially Ethereum miners. A renowned Chinese cryptocurrency miner Chandler Guo led this discussion lately. Guo tweeted last week about forking the ETH blockchain to ETH POW. Moreover, the not-yet launched ETH PoW version has a website, ethereumpow.org.

Meanwhile, the initiative saw traction as leading crypto exchanges supported the move. For instance, Huobi stated that it would back ETH fork holders to earn rewards provided the assets meet their security protocols. Moreover, the exchange will release trading terms and services for the tokens soon.

Hubo Global seems attracted to the forked assets (including and not limited to Ethereum) and plans to list them if they meet the exchange’s regulations. Additionally, Tron’s Justin Sun’s supported Poloniex exchange confirmed that it would list ETHS and ETHW on its trading platform.

Meanwhile, Sun promised ETHW allocation to the community members and developers that would build and make the hardfork work. Also, another cryptocurrency service provider MEXC unveiled its support via a blog post.

The team stated that MEXC would launch two forked Ethereum tokens and the related markets to mitigate risks from market volatility amidst hardfork and secure user assets. Indeed, the exchange listing will divide Ethereum loyalists who may have to select between the related blockchains.

Exposing the Newbie

Cryptocurrency journalist Colin Wu tweeted on August 7 that the POW hardfork might meet confusion in the future. Also, the Chainlink network adopted a similar stance, revealing that its offerings would stay on the ETH blockchain after the long-anticipated Merge.

Besides, the ETHPow vs. ETH2 blog post by Bitmex Research examined the logical debate on the two potential ETH platforms, even revealing possible technical challenges for ETHPoW.

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