Home Ethereum We will use 1M ETH Stash to support Ethereum Fork, Justin Sun Pledges

We will use 1M ETH Stash to support Ethereum Fork, Justin Sun Pledges

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We will use 1M ETH Stash to support Ethereum Fork, Justin Sun Pledges

Key points to remember

  • Justin Sun said he would support an Ethereum hardfork by donating ETH to the ecosystem after a successful launch.
  • This comes after some members of the crypto community discussed the creation of Ethereum before “the merger” to preserve a proof-of-work ecosystem.
  • The Poloniex exchange has announced that it will support a hardfork by listing two potential hardfork tokens.

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This comes as some members of the crypto community consider forging Ethereum to establish a new proof-of-work network.

Justin Sun backs Ethereum fork

One of the biggest whales in crypto has pledged to support an Ethereum Proof-of-Work fork.

TRON founder Justin Sun weighed in on one of the biggest talking points in crypto in recent weeks on Thursday, saying he would donate ETH to the community to help a Proof-of-Work Ethereum ecosystem grow. grow. “We currently have over a million ETH,” he tweeted. “Whether #Ethereum hard fork succeeds, we will donate some forks #ETHW at #ETHW community and developers to build #ethereum ecosystem “. 1 million ETH represents just under 1% of the total circulating supply.

Justin Sun launched TRON in 2018, which itself is sometimes described as an Ethereum clone (TRON has been accused of copying the Ethereum white paper). However, Sun is known to hold a significant portion of his net worth in the Ethereum ecosystem. He has been tracked moving millions of dollars to and from Ethereum DeFi in the past and holds many extremely valuable Ethereum NFTs.

Sun wrote the post after crypto exchange Poloniex shared a blog post announcing that it would support all potential Ethereum hardfork tokens. An excerpt read:

“Poloniex will provide full support for the ETH upgrade and its eventual hard fork. If successful, the merger could create two parallel blockchains after the upgrade. All Ethereum (ETH) holders on Poloniex will receive the forked assets in a 1:1 ratio once the upgrade is complete.

Poloniex added that it will initially list two potential hardfork tokens called ETHS (representing ETH proof-of-stake) and ETHW (representing ETH proof-of-work) and let customers exchange them for ETH at a 1:1 ratio and vice versa. before Merging. He added that it would support multiple proof-of-work forks, but if more than one proof-of-stake chain was launched, ETHS would be converted to ETH.

Hardfork Plans Surface Before Merger

A potential proof-of-work Ethereum fork has been a hot topic in the crypto community in recent weeks as the network historical event “Merge” approximate. When Ethereum completes the merger, it will embrace proof-of-stake and rely on validators to build consensus, which will essentially render proof-of-work miners obsolete. This is why many members of the community want to create the current iteration of Ethereum. One of the biggest proponents of the hardfork plan, dubbed “ETHPOW,” is Chandler Gou, a prominent Chinese miner and early ETH investor who helped with the Classic Ethereum fork in 2016.

While there’s debate on both sides about whether a fork will proceed, recent rumors suggest it’s looking increasingly likely. If a proof-of-work fork is successful, it could mean that ETH holders receive payment in the form of an airdrop, similar to how early ETH holders received ETC in 2016, and holders of BTC received BCH when Bitcoin Cash was launched in 2017.

The growing talk around ETHPOW also highlights the market’s growing confidence that the merger will be available soon. The final testnet for the update should take place in the coming days, while the merge itself is scheduled for mid-September.

Disclosure: At the time of writing this article, the author of this article owned ETH and several other cryptocurrencies.

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