EthereumWhile counting the days to transition to the Proof of Stake consensus mechanism, the altcoin’s community is faced with the threat of a miner that could be spearheaded by a miner and split the network in two with a fork.
Remarkable Statements From Ethereum Miner As Merger Approaches
This idea is a strong Chinese cryptocurrency It gained new strength last week after miner and investor Chandler Guo on Twitter called the ETH Blockchain “ETH POW” and announced that it will fork in a way that allows miners to continue their operations after the merger in ETH.
The merger, planned for the coming months, will move ETH from proof-of-work (PoW) consensus to proof-of-stake (PoS) consensus. This will eliminate the need for transactions to be verified by miners who buy graphics processing unit (GPU) chips, spending billions of dollars to produce new blocks.
For this reason, ETH developers have long predicted that the merger would not be welcomed by miners, and have been making arrangements to counter their interference, including a “difficulty bomb” that would make it significantly harder to generate new blocks.
But even if miners can’t stop merging, they can clone this altcoin and create their own version of the network where the transition will never happen. The question is whether they can persuade others to use their forked version.
Chandler Guo has some experience here. Guo was involved in the fork of Ethereum in July 2016, which Ethereum ClassicIt resulted in the formation of Now, Chandler Guo wants to repeat this success by collecting enough hash power, which is a measure of the success of crypto mining, and persuading other miners to join him.
i fork ethereum once，i will fork it again！ https://t.co/3DdlZ3zMz9
— Chandler Guo (@ChandlerGuo) July 27, 2022
“I forked Ethereum once, I will fork again,” Guo wrote in a post last week.
If successful, the ETH network will split into two chains: the non-standard PoW version run by miners, and the standard PoS chain run by its main developers and validators.