Layer 1 Conflux Blockchain Changes Algorithm to Receive ETH Miners: Details
Ethereum is expected to migrate from proof-of-work to proof-of-stake consensus
As reported by Colin Wu, Layer 1 blockchain Conflux is setting itself up to receive post-merger Ethereum miners by proposing a change to the mining algorithm of Ethereum’s proof-of-work consensus, Ethash. However, specific details of the proposal are under consideration.
Conflux initiated the CIP-102 proposal: change the PoW mining algorithm of Ethash, the motivation is to make it easier for Ethereum miners to switch to Conflux after the merger, but the specific details are still pending.
— Wu Blockchain (@WuBlockchain) 11 August 2022
Ethereum is expected to migrate from proof-of-work to proof-of-stake consensus, on September 19, through “The Merge” update. Proof-of-work cryptos are highly dependent on mining, while proof-of-stake cryptos are not. Therefore, the upcoming Merge event may deprive the largest EVM Proof of Work mining ecosystem.
Ethereum Classic, a hard fork launched in July 2016 after the infamous DAO hack, may attract those community members who want to stick to the proof-of-work consensus mechanism, as it operates on a modified version of Ethash called ETCash.
As reported by U.Today, the Ethereum Classic project has written a memo welcoming “released” ETH miners who may lose out on their revenue stream when the merger happens. The reported success it is seeing in migration likely contributed to the recent growth.
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ETH Goerli testnet merges
The Ethereum Goerli testnet has been merged. This is the last testnet before the Ethereum network merge (expected in September). Previously, both Ropsten and Sepolia switched from PoW to PoS.
— Wu Blockchain (@WuBlockchain) 11 August 2022
The last testnet to merge, Goerli, underwent a proof-of-stake transition. As the Merge update scheduled for September 19 approaches, there has been speculation about many Ethereum PoW forks appearing.
As reported by U.Today, Ethereum creator Vitalik Buterin believes that potential hard forks may not cause any significant damage to Ethereum. He says community members are solidly behind the upgrade, meaning attempts to launch competing versions of the chain are unlikely to gain much traction with disgruntled miners.
Along these lines, Circle Internet Financial, an issuer of crypto stablecoin USDC, said it will not support any offshoots of Ethereum as the blockchain network undergoes its proof-of-stake transition.
