Because the discussions associated to Ethereum PoW laborious fork flip right into a heated battle, ETC Cooperative sends an open letter to outstanding miner Chandler Guo, the mastermind of the Ethereum PoW laborious fork. ETC Cooperative, the group supporting Ethereum Traditional (ETC) venture, strongly believes the “Ethereum PoW fork received’t work.”
ETC Cooperative Open Letter to ETHPoW Miner Chandler Guo
In an open letter to Chandler Guo, ETC Cooperative explains why they imagine the Ethereum PoW laborious fork wouldn’t work. Additionally, forking Ethereum would be the hardest factor to do now.
“On the time of the ETH/ETC chain cut up, supporting ETC was the best factor on the planet to do – simply hold mining. Simply hold operating the identical consumer software program. It was a zero-effort factor to do. The laborious coordination work was all on the pro-fork facet.”
With a view to fork Ethereum, Chandler Guo and his group must fork Geth, Erigon, Besu, and Nethermind codebases. Thereafter, the group should take away the proof-of-stake (PoS) transition logic that Ethereum Basis has up to date over time. Solely then, Chandler Guo’s group will be capable of disable the issue bomb and replace the Chain ID to offer replay safety.
One other laborious factor to do is persuade mining software program authors to make modifications to their mining software program. In contrast to the consumer code, many mining software program are closed-source, which restricts different builders to make modifications.
Furthermore, Chandler Guo and his group must persuade pockets suppliers, exchanges, and different events to help ETHW. Additionally, it’s important to work with node operators to put in and run a brand new working consumer software program.
Coordinating all of those shall be laborious and time-consuming. ETC Cooperative claims finishing Ethererum PoW laborious fork on time is not possible, even when Chandler Guo completes all required modifications. The Merge is simply weeks away.
There is no such thing as a data on the web site ethereumpow.org, weblog posts, articles, tutorials, or different documentation associated to consumer and software program growth. Open-source growth is important for any venture to determine belief.
Stablecoins (USDT, USDC, and so on.) will help Ethereum (ETH) or else they’ll go to zero. Most DeFi initiatives shall be damaged as all the pieces in DeFi is constructed round stablecoins. Additionally, NFTs wouldn’t be acknowledged or supported on the ETHPoW chain.
“On the time of the ETH/ETC cut up there was no Defi or custodial stablecoins, so nothing actually broke. Now, a lot of the worth on ETH is within the type of tokens, not simply the native Ether. So the brand new chain shall be fairly ineffective to current ETH customers.”
Dragonfly Research’s article explains why “Ethereum is now unforkable.”
Vitalik Buterin, Barry Silbert, AntPool Assist Ethereum Traditional
Ethereum co-founder Vitalik Buterin criticizes the EthereumPoW project, saying they’re “merely attempting to make a fast buck.” He believes Ethereum miners can transfer to Ethereum Traditional (ETC) post-Merge.
Barry Silbert, CEO of Digital Foreign money Group, mother or father of Grayscale, Genesis Buying and selling, and Foundry, encourages ETH miners to change to ETC. He’s additionally one of many top supporters of the Ethereum Classic ecosystem.
Mining pool big AntPool and its CEO Leon Lyu just lately introduced $10 million to help the Ethereum Traditional ecosystem. Leon Lyu commits additional investments within the initiatives.
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