Because the discussions associated to Ethereum PoW arduous fork flip right into a heated battle, ETC Cooperative sends an open letter to outstanding miner Chandler Guo, the mastermind of the Ethereum PoW arduous fork.
ETC Cooperative, the group supporting Ethereum Basic (ETC) mission, strongly believes the “Ethereum PoW fork gained’t work.”
ETC Cooperative Open Letter to ETHPoW Miner Chandler Guo
In an open letter to Chandler Guo, ETC Cooperative explains why they imagine the Ethereum PoW arduous fork wouldn’t work. Additionally, forking Ethereum would be the hardest factor to do now.
“On the time of the ETH/ETC chain cut up, supporting ETC was the best factor on the planet to do – simply hold mining. Simply hold working the identical consumer software program. It was a zero-effort factor to do. The arduous coordination work was all on the pro-fork facet.”
In an effort to fork Ethereum, Chandler Guo and his group have to fork Geth, Erigon, Besu, and Nethermind codebases. Thereafter, the group should take away the proof-of-stake (PoS) transition logic that Ethereum Basis has up to date over time. Solely then, Chandler Guo’s group will be capable of disable the issue bomb and replace the Chain ID to offer replay safety.
One other arduous factor to do is persuade mining software program authors to make adjustments to their mining software program. Not like the consumer code, many mining software program are closed-source, which restricts different builders to make adjustments.
Furthermore, Chandler Guo and his group have to persuade pockets suppliers, exchanges, and different events to assist ETHW. Additionally, it’s crucial to work with node operators to put in and run a brand new working consumer software program.
Coordinating all of those might be arduous and time-consuming. ETC Cooperative claims finishing Ethererum PoW arduous fork on time is unattainable, even when Chandler Guo completes all required adjustments. The Merge is barely weeks away.
There isn’t any info on the web site ethereumpow.org, weblog posts, articles, tutorials, or different documentation associated to consumer and software program growth. Open-source growth is crucial for any mission to determine belief.
Stablecoins (USDT, USDC, and many others.) will assist Ethereum (ETH) or else they are going to go to zero. Most DeFi tasks might be damaged as every thing in DeFi is constructed round stablecoins. Additionally, NFTs wouldn’t be acknowledged or supported on the ETHPoW chain.
“On the time of the ETH/ETC cut up there was no Defi or custodial stablecoins, so nothing actually broke. Now, many of the worth on ETH is within the type of tokens, not simply the native Ether. So the brand new chain might be fairly ineffective to present ETH customers.”
Dragonfly Research’s article explains why “Ethereum is now unforkable.”
Vitalik Buterin, Barry Silbert, AntPool Assist Ethereum Basic
Ethereum co-founder Vitalik Buterin criticizes the EthereumPoW mission, saying they’re “merely making an attempt to make a fast buck.” He believes Ethereum miners can transfer to Ethereum Basic (ETC) post-Merge.
Barry Silbert, CEO of Digital Foreign money Group, mother or father of Grayscale, Genesis Buying and selling, and Foundry, encourages ETH miners to change to ETC. He’s additionally one of many prime supporters of the Ethereum Basic ecosystem.
Mining pool big AntPool and its CEO Leon Lyu not too long ago introduced $10 million to assist the Ethereum Basic ecosystem. Leon Lyu commits additional investments within the tasks.