Ethereum founder Vitalik Buterin, miners one of the early hard forks of ETH Ethereum Classic He said that even if he continues to issue tokens on-chain, the transition to Proof of Stake will not be greatly affected.
Using the Proof of Work mechanism, which still relies heavily on electricity, Ethereum Classic may be one of the biggest beneficiaries of Ethereum’s transition, which is expected to cut the earnings of up to a million people.
Miners looking for a platform to use their expensive mining equipment may turn to Ethereum Classic.
Vitalik Buterin: “I don’t think Ethereum will suffer from another hard fork”
According to Bloomberg’s report, Vitalik Buterin said the following about Ethereum Classic in a webinar that took place today:
“I don’t really expect Ethereum to suffer significant damage from another fork.
The impression I got from almost everyone I spoke to in the Ethereum ecosystem in general is that they fully support the Proof-of-Stake efforts and the ecosystem is pretty united about it.”
Buterin’s comments precede a long-awaited major software update on Blockchain aimed at reducing energy-intensive use.
Known as the Merge, this change is seen as the most ambitious technical change in the blockchain world.
Tim Beiko, who coordinates Ethereum developers, said in a recent interview with Bloomberg that if everything goes smoothly, no one should even notice that the Merge is happening. And according to various calculations, Ethereum after Merge will consume about 99% less energy than today.
Buterin said the following on the subject in the continuation of his speech:
“There were serious allegations in the Ethereum community that there were people who truly believed in immutability. And many went to Ethereum Classic.
Classic already has a superior community and a superior product. However, we are also likely to see a few splits in some markets.
I hope whatever happens, it doesn’t make people lose money. I hope it will be the best.”
*Not investment advice.