important point
- Justin Sun says he will support Ethereum’s hard fork by donating ETH to the ecosystem after its successful launch.
- This was after some community members discussed forking Ethereum ahead of the “merge” in order to maintain the Proof-of-Work ecosystem.
- The Poloniex exchange has announced that it will support hard forks by listing two potential hard fork tokens.
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Some crypto community members are considering forking Ethereum to establish a new Proof-of-Work network.
Justin Sun Endorses Ethereum Fork
One of the biggest whales in crypto has promised support for its Proof-of-Work Ethereum fork.
Currently over 1 million #ETH. If #ethereum After a successful hard fork, donate what was forked #ETHW To #ETHW Communities and developers building #ethereum ecosystem. https://t.co/ee4kGSuVoK
— HE Justin Sun ??? (@justinsuntron) August 4, 2022
TRON founder Justin Sun weighed in on one of the biggest cryptocurrency stories of recent weeks on Thursday, donating forked ETH to the community to create proof-of-work Ether. “Now we have over 1 million #ETH,” he tweeted, possibly referring to the TRON Reserve DAO. “If #ethereum After a successful hard fork, donate what was forked #ETHW To #ETHW Communities and developers building #ethereum Ecosystem. 1 million ETH represents just under 1% of the total supply in circulation.
Justin Sun launched TRON in 2018, which is itself sometimes referred to as an Ethereum clone (TRON was accused of copying Ethereum’s whitepaper). However, Sun is known to keep a significant portion of his net worth in the Ethereum ecosystem. He has been tracked to have put millions of dollars in and out of his Ethereum DeFi in the past and holds a number of his Ethereum NFTs of great value.
Sun wrote his post after sharing a blog post announcing that the Poloniex cryptocurrency exchange would support a potential Ethereum hardfork token. Read the excerpt:
“Poloniex will fully support ETH upgrades and potential hard forks. If successful, Merge will be able to create two parallel blockchains after the upgrade. All Poloniex Ethereum (ETH) holders will be , you will receive the forked assets at a 1:1 ratio once the upgrade is complete.”
Poloniex will initially list two potential hardfork tokens called ETHS (which stands for Proof-of-Stake ETH) and ETHW (which stands for Proof-of-Work ETH), with customers offering them a 1:1 Added ability to exchange for ETH in ratios. Marge’s. We added that we support multiple Proof-of-Work forks, but ETHS will convert to ETH if multiple Proof-of-Stake chains are started.
Hard fork plans to surface ahead of merger
A potential proof-of-work Ethereum fork has been a hot topic in the crypto community for the past few weeks as the network’s landmark “Merge” event approaches. Once Ethereum completes the merge, it employs Proof-of-Stake and relies on validators to reach consensus. This essentially makes Proof-of-Work miners obsolete. As such, many community members are keen to fork his current iteration of Ethereum. One of the biggest proponents of the hard fork plan called “ETHPOW” is a prominent Chinese miner and early ETH investor who backed his Ethereum Classic fork in 2016. This is Chandler Gou.
There is some debate on both sides as to whether the fork will go forward, but recent rumors suggest it is becoming more and more likely. If the Proof-of-Work fork succeeds, ETH holders received their ETC in 2016 and BTC holders received their BCH when Bitcoin Cash launched in 2017. As well, it could mean receiving payouts in the form of airdrops.
The growing debate over ETHPOW also highlights growing market confidence that Merge will ship soon. The final testnet for the update is due in the next few days, but the merge itself is scheduled for his mid-September.
Disclosure: At the time of writing, the author of this article owned ETH and several other cryptocurrencies.
