Because the discussions associated to Ethereum PoW arduous fork flip right into a heated battle, ETC Cooperative sends an open letter to distinguished miner Chandler Guo, the mastermind of the Ethereum PoW arduous fork. ETC Cooperative, the group supporting Ethereum Basic (ETC) challenge, 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 arduous 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 only factor on the planet to do – simply preserve mining. Simply preserve working the identical shopper software program. It was a zero-effort factor to do. The arduous coordination work was all on the pro-fork aspect.”
In an effort 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 to disable the issue bomb and replace the Chain ID to supply replay safety.
One other arduous factor to do is persuade mining software program authors to make modifications to their mining software program. Not like the shopper 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 assist ETHW. Additionally, it’s essential to work with node operators to put in and run a brand new working shopper software program.
Coordinating all of those will probably be arduous and time-consuming. ETC Cooperative claims finishing Ethererum PoW arduous fork on time is unimaginable, even when Chandler Guo completes all required modifications. The Merge is just weeks away.
There isn’t any info on the web site ethereumpow.org, weblog posts, articles, tutorials, or different documentation associated to shopper and software program growth. Open-source growth is essential for any challenge to determine belief.
Stablecoins (USDT, USDC, and many others.) will assist Ethereum (ETH) or else they are going to go to zero. Most DeFi tasks will probably be damaged as the whole lot 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 will probably be fairly ineffective to present ETH customers.”
Dragonfly Research’s article explains why “Ethereum is now unforkable.”
Vitalik Buterin, Barry Silbert, AntPool Assist Ethereum Basic
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 Basic (ETC) post-Merge.
Barry Silbert, CEO of Digital Forex 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 lately introduced $10 million to assist the Ethereum Basic ecosystem. Leon Lyu commits additional investments within the tasks.
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