Earlier this week, well-known Chinese crypto-miner Chandler Guo announced his desire to fork the Ethereum blockchain and invent another proof-of-work network to counter Ethereum “meltdowns.” Today, the initiative has received a lot of support.
All Poloniex ETH will be automatically converted to ETH?
The modified version of ETHW Guo is expected to be listed and approved on the Poloniex crypto-exchange starting next week. Proof of participation will be implemented as part of the development of “Fusion” on the Ethereum network.
Ethereum uses a proof-of-work methodology, allowing miners to generate new ETH by solving difficult problems with lots of computing power.
The Ethereum Merger will enable a transition to a faster and more scalable proof-of-work architecture, where a significant amount of existing Ethereum will be pledged or staked to generate new ETH.
As a result, miners like Guo will suffer if ETH mining ends as a result of a merger.
Date to remember: August 08
To allow people to continue mining Ethereum, they aim to create a new version of the cryptocurrency, ETHW.
ETH and the eventual hard fork will be fully supported by Poloniex, the exchange said in a blog post. The 1: 1 exchange ratio for ETHW and vice versa will begin on August 8 on the exchange.
If the merger is successful, Poloniex will also integrate ETHS, which will be Ethereum’s post-merger proof of participation. All
Poloniex ETH will automatically convert to upgraded ETH after the planned merger in September, if the merger goes smoothly.
According to the blog post, if Guo and his backers fail to create the Ethereum network at that time, Poloniex will suspend and remove ETHW and related markets.
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