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Ethereum Fork Suggested Amid the Merge Slated in September

Ethereum fork supporters are getting ready to scrap the crucial EIP-1559 - an ETH miner has written an open message to the cryptocurrency community after receiving support from many industry leaders.
Ethereum Fork Suggested Amid the Merge Slated in September, ETH coin as featured image

Towards the end of the transition towards proof-of-stake (PoS), the Twitter account of the proposed chain-split fork, EthereumPoW, claimed that the formerly “almighty” Ethereum Foundation had given up on “decentralization” as one of its aims.

The EIP-1559

In detail, backers of the ETH fork argued that the Ethereum Foundation was trying to use EIP-1559 to promote a favorable theme at the cost of the miners. They said the “elites” were silencing the miners while in reality, the miners area political force that should possess some power and influence for the sake of a more representative government. They further claimed that miners were pressured into participating.

 

The EthereumPoW group, who call themselves truly decentralized, has guaranteed that the new token will not be pre-mined and guarantee zero inflation. The group will continue to prioritize protecting Proof-of-Work and the Nakamoto Consensus process.

 

 

In an interview with Bloomberg, Chandler Guo, a renowned Chinese miner, said that numerous ETH mining manufacturing businesses had come out to him to begin forking endeavors. Soon after the founder of Tron, Justin Sun, backed the idea of a hard fork:

 

 

Although Guo is the driving force behind the proposed fork, it has also received backing from BitMEX, a derivatives platform that just released a futures contract that would allow speculators to trade leveraged new token, ETHPOW.

 

Circle, the stablecoin platform, has declared its complete support for Ethereum’s POS chain transition. Tether likewise announced its readiness to support ETH’s new blockchain upon its release – Chainlink has said explicitly that it would no longer accept Ethereum forks after the planned Merge on the middle of the next month.

 

The largest cryptocurrency exchange in terms of trading volume, Binance, has said that it would not completely rule out supporting the next contentious fork of Ethereum, ETHPoW.

 

The “merge” is a protocol update that will occur on or around 19th, September, and will finalize ETH’s upgrading to a proof-of-stake consensus mechanism, and the exchange has declared that it will support the upgrade.

 

The corporation did, however, mention that it may back “merge resistors” who want to keep using proof of work and launch their own separate network and cryptocurrency. Binance said in a statement released Wednesday that

 

“in case of new forked tokens, Binance will evaluate the support for distribution and withdrawal of the forked tokens.”

 

Image by Satheesh Sankaran from Pixabay

Edward Nored

Edward Nored

Edward is a naturally curious BTC lover with a deep interest in blockchain, fin tech, fields which he dedicates his time to researching.

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