EthereumPoW on Friday responded to an earlier open letter by the ETC Cooperative. EthereumPow says the group, crypto exchanges, miners, and mining machine producers are in opposition to the Ethereum Classic (ETC) and favor Ethereum fork.
According to EthereumPoW open letter, the core developer crew has disabled the problem bomb and accomplished testnet preparation. “This hard fork is inevitable.”
EthereumPoW Updates ETC Cooperative About Ethereum Hard Fork
EthereumPoW, the group behind the Ethereum PoW exhausting fork (ETHW), on August 12 responded to ETC Cooperative’s open letter claiming the Ethereum exhausting fork is inevitable and can occur with the Merge.
ETC Cooperative believes the Ethereum PoW hard fork would not work, as it isn’t a straightforward activity. Ethereum (ETH) miners would seemingly shift to Ethereum Classic (ETC) after the Merge in mid-September.
The EthereumPoW thinks in any other case. Ethereum blockchain has a computing energy of 996 TH/s, whereas Ethereum Classic has solely 27 TH/s. The transition of miners to Ethereum Classic will probably be unimaginable because the “small pool of ETC cannot hold the entire computing power pool of ETH at all. This is a hard fact.”
These disadvantages of the Ethereum Classic make ETHW inevitable. There will probably be ETHX and ETHY, even when ETHW didn’t work.
According to the open letter, distinguished miner Chandler Guo and his crew have already disabled the problem bomb and up to date the Chain ID to supply replay safety. The fast progress towards the Ethereum fork preparation is because of the folks’s perception in decentralization.
EthereumPoW believes that Ethereum’s (ETH) future after the transition to PoS is unsure. It is essential to only make a backup for the decentralized DeFi and NFT area.
“How will ETHPoS progress in the next five years, and will ETHPoS still exist? This is all uncertain. Just in case, we believe that all parties should unite to make a hot backup for the decentralized DeFi and NFT world, compete with ETHPoS together, and leave another possibility for the world.”
Also, the aWSB group has arrange a enterprise group to coordinate with crypto exchanges, pockets suppliers, and different third events to help the ETHW. Until now, 6 exchanges have supported ETHW’s IOU and Future transactions, and several other pockets corporations have expressed help. However, Metamask has turned down help for ETHW.
As the EthereumPoW group was established only a half-month in the past, there isn’t any time to replace the web site or put up articles, blogs, and many others. now. However, the core growth crew has recognized essential adjustments, will check updates, and launch three technical paperwork earlier than August finish.
Community’s Efforts to Protect ERC Assets
The EthereumPoW agrees with ETC Cooperative’s claims that ERC belongings comparable to stablecoins, DeFi, and NFT will turn into waste. The crew is engaged on the issue and the aWSB group will current a plan within the subsequent two weeks.
The group additionally assaults DCG’s CEO Barry Silbert. He helps Ethereum Classic (ETC) as a result of 12 million ETC are held by Barry Silbert’s crypto asset administration agency Grayscale.
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