Will the hard fork of the Ethereum network take place after the transition to PoS?

This week, Bob Summerville of the nonprofit ETC Cooperative published an open letterwhich described why the hard fork of the Ethereum network with the advent of the new ETHPOW asset is detrimental to the ecosystem.

По сути, основные аргументы касаются рисков sustainable operation of DeFi— and NFT projects, and discussions about the difficulties and inconveniences for miners who do not want to simply throw away their expensive machines were more of an emotional nature.

This appeal did not go unanswered, and a group of miners, led by Chandler Guo, who has long been known in the crypto industry, responded to every argument of Summerville.

First of all, they stated that the updateAn Ethereum “merger” will inevitably form an ETH fork. And from this point of view, the community, exchanges, miners and mining equipment manufacturers oppose the initiative of the Ethereum Foundation. If anyone did not know about this consensus of opinion last week, they will have to see the light in September.

It is also reported that this group of like-minded people have already defused the difficulty bomb and completed the preparation of the test network.

Commenting on the words of Vitalik Buterin that“It’s easiest for miners to switch to Ethereum Classic (ETC),” they countered that ETH has accumulated 996 Tx/s of computing power, while ETC has only 27 Tx/s. Accordingly, a small pool of ETC cannot accommodate the entire pool of ETH computing power.

The rebel miners added that the ETC network is nothas grown since the 2017 hard fork. Over the past four or five years, it has stalled in development, could not attract pools of computing power, and, naturally, will not be able to use ETHPoS computing power pools in the future.

Further, the miners gave their vision to each issue raised in the letter.

1. Language versions of various networks

You don't have to worry about this at all, let's start with the Geth version. What seems difficult to you is not so difficult. So far our progress is as follows:

• Difficulty bomb removed.
• The network ID has been updated.
• Added replay protection.

The essence of all this is not in technology, but in the heartsof people. Looking back, the ETHW community was created in less than half a month. Why did it expand so quickly, why was the team created so quickly? The reason is that decentralization is what people want and believe in. We believe that the developers of Ethereum PoW, realizing the meaning of the word “decentralization”, will also join the ranks of the dissenters.

How ETHPoS will develop in the next five yearsand will it ever be? We believe that all parties should come together to back up the decentralized world of DeFi and NFT just in case, compete against ETHPoS together and give the world another opportunity.

2. Wallet providers and exchanges of concern

To date, 6 exchanges support ETHW transactions. In addition, several well-known wallet companies have contacted us to express their full support.

As for Metamask, despite the refusalsupported by ETHW, it does not have the ability to do so. Technically, adding a network is just adding an RPC interface, and wallet users can do it with a single click on our official website. Even if Metamask stands its ground (after all, it is bought out by those who own Ethereum), what seller is willing to throw away 200 million Ethereum wallet users?

3. There is no useful information on our website

As noted earlier, the community is less thanthan in half a month, everything happens at the same time, while many important and significant things are yet to come. Updating the official site is a cosmetic measure, and for now we do not want to deal with it. Instead of getting bogged down in verbosity, it’s better to just write one sentence: “The original Ethereum blockchain powered by PoW.”

As for the problems with updating the code onGitHub, then the Ethereum code works stably and does not need major changes, the planned changes and test updates are another matter. Until the end of the month they will not be, but three technical documents are in the works, they need to be put in order.

4. The time before the "Confluence" is short, it's too late to do something

There is no need to worry about this.To keep Ethereum PoW running smoothly, we are constantly accepting new supporters, regardless of time or amount of money. We have created a core development team. From the moment the fork was prepared to the present, the basic code changes have been completed and have successfully entered the testing cycle.

There is more than a month left until the September fork of "Merger", and this time will be used for testing with mining pools, solo miners.

5. After the fork, ERC tokens will become unnecessary

Are you worried that after the fork, the assetsERC standards, including stablecoins and other DeFi/NFT assets, will become unnecessary coins. If nothing is done after the fork, short-term chaos is inevitable. DEXs, lending platforms and hackers will use pools and contracts to perform arbitrage, resulting in the loss of assets (mainly ETHW) of individuals and organizations.

The community discusses this issue at length inlooking for thoughtful and specific measures to protect user assets. We invite you to participate in the discussion, otherwise, within two weeks, the aWSB community alone will propose a well-developed plan to users of the ETH ecosystem.

The ancients said that one leaf can closeeyes so that the mountain will not be visible. Your idea of ​​a world without forks is a manifestation of the single leaf effect, when the opinion of the community, exchanges and miners is ignored, without which the picture of the world becomes incomplete.

Finally, regarding Barry Silbert's tweet:

“We fully support ETH PoS and will not support any ETH PoW forks; ETH miners should switch to ETC to maximize their income in the long run, it's as simple as that."

Looking at the 3 million ETH and 12 million ETC owned by Barry Silbert's Grayscale, the rationale behind these words becomes clear.

Where is it more profitable to buy Ethereum? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest crypto exchange in the world is Binance. The platform supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Bitget	https://bitget.com	7.8
3	Huobi	https://huobi.com	7.2
4	AAX	https://aax.com	6.9
5	Bybit	https://bybit.com	6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Additional features and services— futures, options, staking, NFT marketplace.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• final grade– the average number of points for all indicators determines the place in the ranking.