As Ethereum developers continue to implement an update that will translate the blockchain to PoS mining, miners decided to take steps to save PoW miners
EGF successfully split the chain in April, hoping to continue poW mining. The new project is Ethereum Genesys (ETG). Does it make sense, given that the main chain will continue to develop, and Genesys will remain as it was?
Hardfork was named Maple Fork. Its followers chose the current Ethereum because they see ETH 2.0 as a few cornerstones.
- First, PoS will make blockchain less decentralised. Most validators operate on AWS, Google Cloud, Azure.
- Secondly, the minimum rate for staking is 32 ETH ($88 thousand) which is too big, and not everyone can. This means that the future of the project will depend solely on the large token holders.
Why is the hard fork held in April? Because hard fork Berlin was introduced in this month which became the basis for the next update hard fork London, scheduled for June.
Once London is activated, a “bomb of complexity” will be laid on the network. PoW mining will become more expensive. This will continue as long as ETH’s production costs are not higher than the revenues.
The community’s reaction to Ethereum Genesys, as well as the rise of miners protesting the renewal of EIP 1559, is generally negative. Two warring parties have been formed, looking at the future of ETH in different ways.
ETG was the solution to this problem. Even though it’s a fork, we think it has a future if there’s user support. Recall also that the current Ethereum is also a fork, not the original network.
The original project is Ethereum Classic. The fork, which divided the blockchain into two projects, occurred in 2016. The reason was the hacking of DAO on the ETH-blockchain due to an error in the smart contract. Then 3.6 million ETH was stolen for $50 million.
The developers decided to roll back the blockchain before the date of the hacking to recover the lost funds. This was done on July 20, 2016.
However, not everyone agreed with this decision. As a result, in 2016 there were two blockchains. The very first one is the Ethereum Classic, and the project, which was supported by the team and Buterin.
As we know, the ETC continues to operate to this day. The price of the ETC coin has risen from $5 (autumn 2020) to $36 (April 2021). And it may be less successful than Buterin’s Ethereum, but it means that Ethereum Genesys also has a chance.
The current price of Ethereum and Ethereum Classic can be found on Binance.
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