Late final 12 months the crew behind the Ethereum community and its co-founder Vitalik Buterin introduced the upcoming Merge of the Ethereum community. Dubbed Ethereum 2.0, this technique replace will merge Ethereum with a well-known Beacon Chain Proof-of-Stake system.
This can take away the Proof-of-Work protocol and Ethereum mining completely. Instead of mining, the blockchain validations will occur by means of Ethereum staking, which is a better, extra profitable, and environment-friendly course of.
Ever since then, Ethereum has been delivery totally different updates to arrange for this Merge, which is deliberate to finalize later this 12 months. This information didn’t go away many individuals happy, particularly those that have invested closely in Ethereum mining, and one Chinese language miner plans on saving his funding.
Chandler Gou to fork the Ethereum community
The information left many Ethereum miners scrambling to seek out alternative routes they will use their costly mining gear, which is able to change into ineffective within the close to future. However the different method was not one thing that well-known Chinese language Ethereum miner, Chandler Gou was . His intentions grew to become clear only in the near past when he tweeted about ethpow, an Ethereum different that can be a fork of the present Ethereum community.
ethpow will coming quickly pic.twitter.com/v9eAbWO2BZ
— Chandler Guo (@ChandlerGuo) July 27, 2022
Forking the Ethereum community means that we’ll see a brand new model of the Ethereum community that may work independently of the unique one. Often, forking of the community is finished to implement new options and protocols within the current community. However in Gou’s case, he doesn’t plan on making new modifications. It is going to be the exact opposite, as he plans on saving a model of the outdated Ethereum community to save lots of Ethereum mining.
Often, blockchain forks may be differentiated into two classes. comfortable and exhausting forks. Because the title suggests, comfortable forks are minor changes to the blockchain, whereas exhausting forks are large modifications, which fully separate the brand new blockchain from the unique. In Gou’s case, this can be a tough fork, as he plans on saving the present capabilities of the Ethereum community.
With this fork, Ethereum mining will stay on this new blockchain, however the cryptocurrency mined won’t be Ether, as it’ll solely be obtainable by means of staking as soon as the merge completes. This fork model of the blockchain will introduce a brand new cryptocurrency, and as Gou suggests, will probably be named ETHPOW.
It is a enormous ambition as the brand new community would require enormous economical and technical assist which is able to then should be taken care of with fixed upkeep and updates. One other drawback that Gou and everybody who can be a part of the community should clear up is the brand new token.
Since ETHPOW can be a brand new cryptocurrency, it won’t inherit the worth of the unique ETH. Gou and the crew behind this new community might want to give this new token its worth by giving it infrastructure and the utility that may make folks make investments on this token.
Effectively, Gou wouldn’t have the ability to make these enormous plans, with out having one thing to take inspiration from. This inspiration and the assure that one thing like this may be finished most likely got here from Ethereum Traditional, the outdated community of the Ethereum community.
Ethereum Traditional is a remnant of the outdated Ethereum community after it cut up into two separate networks. This happened in 2016 when one of many largest Ethereum-based tasks, The DAO was hacked. When this occurred, voting happened, and with 97% voting in favor of a bailout, the Ethereum community cut up into two elements. The newer model, the exhausting fork, of the unique community is the present Ethereum community, whereas the outdated community was renamed Ethereum Traditional and has its personal crypto ETC.
The upcoming Ethereum merge won’t have an effect on this basic community, so Gou’s new fork should compete with Ethereum Traditional so as to obtain success. It’s nonetheless unlikely that Gou’s new community will discover a lot success. If we examine ETH, which at the moment trades for $1,579 and is the 2nd largest crypto, to the ETC, which trades for $36.27 and holds the nineteenth spot, we will clearly see which crypto is valued essentially the most and the way exhausting it might be for Gou to seek out success.