Ethereum

Cryptocurrency Community Splits Because Of Ethereum Hard Fork

Following Chandler Guo’s publicity about the Ethereum (ETH) fork, calls for a hard fork increased dramatically, prompting stakeholders to express their views on different sides.

Cryptocurrency Community Splits Because Of Ethereum Hard Fork 3

Tron (TRX) founder Justin Sun and his cryptocurrency exchange Poloniex were among the early backers of the idea. Jay Hao, CEO of exchange OKX, has suggested that the exchange could list “the newly forked coins if there is sufficient demand.”

However, he added that OKX “will support Ethereum Merge.”

Huobi has also confirmed that it will support ETH forked assets on its platform as long as they meet the exchange’s security requirements. But it also added that it discourages arbitrary forging and pre-mining that could affect the development of the industry.

Other crypto exchanges such as Gate Exchange and MEXC have also revealed that they will support ETH hard forks.

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BitMEX wrote that there are many technical challenges that a forked version of ETH would face. It continued that if the positive emotions surrounding the forked coins persist, the top centralized exchanges could list them. Meanwhile, BitMEX will allow its users to gain exposure to ETHPoW through a linear futures contract signed in Tether that will go into effect on August 9.

Digital Currency Group CEO Barry Silbert said his company has no intention of supporting any Ethereum hard fork.

According to Silbert, ETH miners should switch to Ethereum Classic (ETC) to maximize their revenue in the long term.

Chainlink (LINK) says it will not support any network that is a forked version of ETH. The protocol and its services will only work on ETH during and after the merger.

“Users should be aware that forked versions of the Ethereum blockchain, including PoW forks, will not be supported by the Chainlink protocol. This is aligned with both the Ethereum Foundation’s and broader Ethereum community’s decision, achieved via social consensus, to upgrade the Ethereum blockchain to PoS consensus.”

Meanwhile, ETH co-founder Vitalik Buterin said that the people who want ETH to continue as a PoW network are those who want to make money fast. Buterin says:

“I’m sure there’s going to be problems… if they want to make a fork, it’s on them to mitigate those problems.”

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.