When the world’s second largest blockchain switched to a new “proof-of-stake” system in September that was thought to be better for the environment, some Ethereum Rumors that the miners will leave and pursue a new strategy have been heard recently.
But with the Ethereum “Convergence” at least a month away, some analysts are already concentrating on various strategies to capitalize on any revolt in the ranks.
Chandler Guo To Create An Ethereum Equivalent To Continue The Proof Of Work System
According to Decrypt, Chinese crypto miner Chandler Guo has launched a campaign to fork the ETH blockchain and create a counterpart while adhering to the “proof-of-work” (PoW) system Ethereum currently uses.
The news was based on the following tweet by Guo in Chinese:
“Ethpow is coming soon. I forked Ethereum once, I will fork again!”
ethpow will come soon pic.twitter.com/v9eAbWO2BZ
— Chandler Guo (@ChandlerGuo) July 27, 2022
This cryptocurrency It will not be named ETH after the merger. According to Decrypt, with a fork or code change, Guo will create a new cryptocurrency called ETHPOW.
Investment research analysts at BitMEX have published a blog post arguing that a new chain could be of interest to investors and traders.
“Although there are many technical challenges facing ETHPoW, as long as the chain survives, it seems likely that there will be positive rhetoric around the coin and leading centralized exchanges to list it,” the analysts wrote.
“ETHPoW can generate a lot of excitement and we predict that ETH and ETHPoW will be a popular post-split trading pair, at least until another interesting dynamic emerges,” BitMEX analysts said.
*Not investment advice.