Ethereum co-founder Vitalik Buterin said on Saturday that Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) is unlikely to be affected by miners’ switch to Ethereum Classic. After this announcement, the value of Ethereum Classic (ETC) rose. Here are the details…
Vitalik Buterin statement raises ETC
Buterin reiterated his support for the Ethereum Classic chain, saying that miners can continue mining teams after the Ethereum Merge. As a result, the price of ETC rose above 6 percent. Ethereum co-founder Vitalik Buterin spoke at a closed press conference during South Korean Blockchain Week. Merge is unlikely to be affected if miners mine the tokens on the Ethereum Classic Blockchain, Bloomberg reported on Aug.
Merge will be able to fashion miners. It will likely affect more than 1 million people worldwide. Miners and users who believe in proof-of-work (PoW) can use the ETC Blockchain. In fact, miners will most likely switch to Ethereum Classic (ETC) after Merge as their profits were already affected after the crypto crash. Buterin used the following statements:
I don’t really expect Ethereum to be seriously damaged by another fork. My impression from almost everyone I spoke to in the Ethereum ecosystem in general was that they fully supported the proof-of-stake effort. The ecosystem is united in this.
Tron founder Justin Sun criticizes exchanges supporting ETH
Also, Tron founder Justin Sun criticized people and crypto exchanges like Poloniex and Huobi for supporting the Ethereum PoW Ethereum hard fork. “They were just trying to make quick money,” he said. Vitalik believes there will be problems with the fork and that “people responsible should mitigate these problems.” Merge will be effective for the community. Also, ZK-Rollups will likely be Ethereum’s top layer-2 scaling solution. Vitalik Buterin says he doesn’t want people to lose money due to Ethereum’s transition to PoS. Buterin uses the following expressions:
Hopefully, whatever happens, it doesn’t make people lose money. We hope for the best.
Ethereum Classic prices, up
The Ethereum Classic (ETC) price has risen significantly since Vitalik Buterin and AntPool supported the PoW Blockchain. Ethereum Classic prices have increased by 200 percent in just one month. In total, it went from $14 to over $44. In the last 24 hours, ETC price has climbed over 8% and the current price is trading at $38.14. Meanwhile, the price of Ethereum (ETH) is up over 3 percent to trade at $1,713.
Ethereum Classic (ETC) is a hard fork of Ethereum (ETH). Its main function is hosting and supporting decentralized applications (DApps). It is a smart contract network. Its native token is ETC, whose price has increased as we mentioned above. Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum by moving the technical roadmap of the two networks apart over time. Ethereum Classic first set out to protect the integrity of the existing Ethereum Blockchain after a major hack event that resulted in the theft of 3.6 million ETH.
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