With Ethereum proponents divided on hardfork, here’s what Vitalik Buterin says

  • Individual Chinese miners have particularly been in support of a hardfork on Ethereum to continue with their mining activities.
  • Ethereum co-founder Vitalik Buterin has slammed the hardfork proponents while calling them “outsiders”.

The Ethereum blockchain network shall be undergoing The Merge upgrade next month which will help it transition to a Proof-of-Stake (PoS) blockchain network. However, there’s a new heated discussion in the Ethereum community about what happens after Merge.

Some ETH proponents have suggested that the Ethereum mining industry moves to Ethereum Classic(ETC). Ethereum Classic was the outcome of the first hardfork in the Ethereum blockchain back on 2016. Amid this ongoing consideration, ETC price also rallied over 150 percent.

Another controversial option in discussion is a hardfork of the Ethereum blockchain after The Merge. As the data of Ethereum Merge, September 19, approaches closer, some market proponents said that they will continue to support the PoW Ethereum network.

Note that the Ethereum network will transition into the Pos network, but another blockchain running PoW might emerge. Here’s a Look Into who is supporting the Hardfork and who is not.

People supporting Ethereum hardfork

Tron founder Justin Sun is one of those supporters who made an early announcement of supporting the hardfork on his Poloniex Exchange. He said that post The Merge, his Poloniex exchange will support both the versions of Ethereum – ETHw and ETHs.

ETHw will be a token supporting the Proof-of-Work Ethereum blockchain as well as miners who want to continue mining ETH. ETHs will be the token on the new Proof-of-Stake (PoS) Ethereum blockchain.

Some of the popular crypto exchanges like Huobi and BitMEX have also extended their support to the proposed hardfork. Chinese miners, in particular, have been keen on supporting the Ethereum hardfork.

On the other hand, there also have been other strong players who don’t wish to acknowledge the forked version of ETH. Leading them is Ethereum co-founder Vitalik Buterin himself.

Vitalik Buterin slams Ethereum hardfork supporters

Ethereum co-founder has lashed out at those people supporting the hardfork for the Ethereum blockchain. Buterin noted that most people from within the Ethereum community are supporting the transition to Proof-of-Stake. However, he refers to those supporting the hardfork as “outsiders”.

Buterin further added that the proponents of a hard fork “own exchanges and are just trying to make a quick buck”. The Ethereum co-founder also added that post the successful PoS transition, he won’t be taking any responsibility for the PoW network. “I’m sure there’s going to be problems… if they want to make a fork, it’s on them to mitigate those problems”.

Read More: Vitalik Buterin unbothered by plans of Ethereum fork, accuses proponents of trying to make a “quick buck”

Apart from Buterin, popular oracle service provider and smart contract platform Chainlink announced that they will only support the PoS version of Ethereum. Another crypto portfolio company DeBank DeFi believes that crypto hardfork will be a disaster. They also noted that none of their products will support the PoW ETH.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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