The transition from the proof-of-work to proof-of-stake is fast approaching. The merge is undoubtedly the greatest Ethereum upgrade. The success of this upgrade will reduce energy consumption and it will make the biggest smart contract and dApps faster and at a low fee.
But Ethereum Classic users seem not to be happy with the whole idea of the transition. As reported by the Cryptolifedigital, an Ethereum mining manufacturer Innosilicon released ETC firmware for A10pro 500M and A10pro 720M servers for mining. They stated that “Based on the future Ethereum consensus mechanism (algorithm) POW to POS situation, at the request of our customers, we have developed the ETC firmware for A10pro 500M and A10pro 720M servers, which have passed the test and are publicly released here for the convenience of the customer.”
The ETC will continue with the PoW consensus even with Ethereum’s preparation to switch to the PoS protocol. They said with PoS, the Ethereum will alter its block validation and the fabrication of the new Ethereum.
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According to the Twitter handle, Galois Capital, a social media influencer, he said the Ethereum community should acknowledge that a PoW fork could have value and “try to work together to reach a minimally damaging situation”.
The Influencer said, “I submit to you that the state will be forked anyway so let’s try to minimize the fallout, on both chains.
More also, “If PoS truly is great, you win in the long run anyway… Do what’s best for the space.”
Llama Salami responded to the influencer’s statement, about whether an “NFT black market” could emerge on a PoW fork of Ethereum.
But many onlookers are sceptical that post-merge PoW Ethereum forks will survive for long.
In the same discussion, the threat of a PoW fork was refuted by an Ethereum Foundation researcher, Justin Drake, he said while he conceded that “at least one person in the world” will attempt to extend the PoW chain, Drake said a situation where both sides of the fork survive is “no longer viable in our day and age” due to the prevalence of wrapped assets and tokens stored in DeFi protocols.
Drake also said in one of the Defiant Podcasts, the major wrapped asset provider is supporting the transition and this acts as “a forcing function for one of the sides to be preserved and have a healthy DeFi [ecosystem], and the other side of the fork to have a DeFi ecosystem which will completely collapse.”
Asides from the people that promised to continue their PoW even after the merge, another point of consideration to look upon is die-hard PoWers’ impact on the stETH, which are tokens representing ETH that have been deposited for staking on the Beacon Chain.
Based on the Proof-of-Stake consensus mechanism, it relies on nodes backed by staked ETH to process transactions and add them to the blockchain.
Marc Zeller, head of developer relations at Aave, said stETH would be worthless on any PoW forks.
Bob Summerwill, the executive director of ETCCooperative also talked about the DeFi Breakage:
“All the dApp websites will stop working because they will reference ETH, not the fork,” he said. “Even if somebody can bring up clone websites, servers, etc, that needs doing for every dApp, and then somebody needs to maintain all those forks, too. Some likely not even possible, because you would need admin keys to be able to operate them, and those belonging to the existing operators.”
“Many people proposing a fork maybe are not fully aware of this game theory, but it will be a disaster zone.”
It is good to know that the Ethereum Classic, ETC was created on July 20th, 2016 as a result of protest after the Ethereum Foundation forked Ethereum to eradicate the theft of 3.64M Ether stolen from The DAO — equating to roughly 5% of Ethereum’s circulating supply at the time.
At the moment, ETC is the fourth-largest PoW crypto network by capitalization having Bitcoin, Ethereum, and Dogecoin.
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