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Prominent Chinese ETH miner plans proof-of-work fork amid The Merge

Ethereum

forkast.news 02 August 2022 08:08, UTC
  
Reading time: ~2 m

Ahead of Ethereum’s upcoming “Merge,” prominent Chinese crypto miner Chandler Guo has indicated he wishes to fork Ethereum to maintain a version of the network that remains proof of work (PoW), according to a report by Decrypt.

See related article:Ethereum will soon turn 7 — and its upcoming ‘Merge’ will be well worth the wait

Fast facts

  • Guo initially announced the plan via Twitter last week, writing in English “ethpow will coming soon (sic)” — a reference to a possible name for the currency of the new network — along with screenshots of messages in Mandarin where he is discussing the plan.
  • Ethereum’s Merge will see the network transition away from PoW to proof of stake, where validators are rewarded in accordance with how much crypto they have staked into the network.
  • Currently in Ethereum’s PoW system, miners who use specific computers to solve complex algorithms which validate the network are rewarded with Ether for their efforts.
  • Guo suggests by retaining PoW properties, the forked network would allow otherwise discarded mining equipment to be profitable.
  • If enough miners revolt against the Merge and throw their weight behind a fork, it could derail Ethereum’s long-term success.
  • The current Ethereum network is a fork of the original blockchain, which was then renamed Ethereum Classic, which has been gaining interest in the run-up to the Merge. 

See related article:Ethereum one step closer to Eth2 with Ropsten testnet merger


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