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Ethereum co-founder Vitalik Buterin recently discussed his thoughts on the recent Ethereum proof-of-work (PoW) fork topic that has found its way into a number of conversations in the crypto community. Buterin noted at the ETH-Seoul conference over the weekend that he thinks the people introducing the forked token concept are basically a “couple of outsiders” who “mostly just want to make a quick buck.”
Many people in the crypto community have discussed a possible ETH PoW (ETHW) fork that is unique from the existing Ethereum Classic blockchain. Bitcoin.com News reported on influential Chinese crypto miner Chandler Guo, who started the ETHW conversation after explaining that he participated in the birth of Ethereum Classic (ETC). The idea then gained more traction, when a website called ethereumpow.org was published and a few exchanges decided to list the fork.
Currently, the IOU tokens for ETHW are worth $138.69 per token, according to coinmarketcap.com calculations and against Tron’s USDD stablecoin, ETHW is changing hands for 142.27 USDD on Poloniex. This weekend, Ethereum co-founder Vitalik Buterin discussed ETHW during a Q&A session at the ETH-Seoul conference. Buterin downplayed the possibility of a fork of this type seeing long-term acceptance. “I don’t expect it to have significant, long-term adoption,” Buterin emphasized.
The Ethereum developer and co-founder also talked about Ethereum Classic (ETC) and Buterin complimented the ETC community. “I think that Ethereum Classic already has a superior community and a superior product for people with such values and preferences for proof of work,” Buterin said. When asked about the ETHW proposal, Buterin explained that those involved in its creation are just a “couple of outsiders who basically have exchanges and mostly just want to make money.” Buterin added:
I hope that whatever happens, doesn’t cause people to lose money.
Buterin’s comment follows statements Digital Currency Group (DCG) founder and CEO Barry Silbert has made about the ETHW idea on Twitter. Silbert tweeted to the Galois Capital account on Twitter and so: “[For what it’s worth]is our full support behind [Ethereum proof-of-stake]plus [Ethereum Classic]and have zero intention of supporting anyone [Ethereum proof-of-work] fork. [Ethereum] miners should move to [Ethereum Classic] in order to maximize their income in the long term. As simple as that.”
Silbert has also made other statements on Twitter directly to some of Chandler Guo’s threads, and Guo traces Silbert in a tweet: “why just [Ethereum Classic]?” The DCG leader responded saying that it is “the smart play for [ethereum] miners” and he too mentioned that Antpool is leading the initiative to support the Ethereum Classic chain. When someone told Silbert to stop engaging with Guo, Silbert black and said, “I like and respect Chandler. Just disagree with him on this strategy.”
Meanwhile, at this weekend’s ETH-Seoul conference, Buterin said he doesn’t expect Ethereum (ETH) to be deterred by the possibility of another fork. “I don’t expect Ethereum to really be significantly damaged by another fork,” Buterin noted. On Twitter, it’s business as usual for Buterin, as the software developer tweeted about stealth addresses for ERC721 (non-fungible tokens) NFTs on Monday. “A low-tech approach to add a significant amount of privacy to the NFT ecosystem,” Ethereum co-founder so.
What do you think of Vitalik Buterin’s opinion regarding the possible Ethereum PoW fork that has been discussed ahead of The Merge? Let us know what you think about this topic in the comments section below.
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