Ethereum Co-Founder Vitalik Buterin Downgrades Ethereum PoW Fork, Hopes It 'Doesn't Lead to People Losing Money'
Categories: Crypto News US
Ethereum Co-Founder Vitalik Buterin Downgrades Ethereum PoWFork, Hopes It 'Doesn't Lead to People Losing Money'
A lot ofpeople in the crypto community are discussing a potential ETH PoW fork(ETHW) which is unique from the existing Ethereum Classic blockchain. InfluentialChinese crypto miner Chandler Guo, who started the ETHW conversation afterexplaining that he had participated in the birth of Ethereum Classic (ETC).
Theidea then gained more traction, as a website called ethereumpow.org waspublished and some exchanges decided to list the forks. Currently, the IOUtoken for ETHW is priced at $138.69 per token, according to Coinmarketcap.commetrics and against Tron's USDD stablecoin, ETHW is exchanging hands onPoloniex for 142.27 USDD.
Thisweekend, Ethereum co-founder Vitalik Buterin discussed ETHW during a Q&Asession at the ETH-Seoul conference. Buterin downplayed the possibility of sucha fork given its long-term acceptance. "I'm not expectingthis to beenough, long-term adoption," Buterin stressed. The Ethereum developer andco-founder also talked about Ethereum Classic (ETC) and Buterin commended theETC community.
EthereumClassic already has a better community and is a better product for those withpro-work values and preferences,” Buterin said. When asked about the ETHWoffer, Buterin explained That the people involved in its creation are just"a few outsiders who basically have exchanges, and mostly just want tomake a quick buck."
Buterin'sremarks follow statements by Digital Currency Group (DCG) founder and CEO,Barry Silbert, on Twitter regarding the ETHW idea. Silbert tweeted on theGalois Capital account on Twitter, saying: “[For what it’s worth], apart from[Ethereum Classic], our full support is behind [Ethereum Proof-of-Stake], andnoone to support anyone. Not intended [Ethereum proof-of-work] fork.
[Ethereum]miners should move to [Ethereum Classic] to maximize their revenue in the longrun. At the same time, at the ETH-Seoul conference later this week, Buterinelaborated that he does not expect Ethereum (ETH) to be disrupted by theprospect of another fork. Buterin said, “I expect Not that Ethereum willactually suffer significantly from another fork."
On Twitter,it's business as usual for Buterin, as the software developer tweeted Mondayabout a stealth address for ERC721 (fungible token) NFTs. A low-tech approachto adding significant amounts of privacy to the NFT ecosystem, says Ethereumco-founder