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.
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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.
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