About a month into the Ethereum merge, concerns are mounting that the network will suffer from hard forks. In this regard, Ethereum co-founder Vitalik Buterin says that new PoW forks are unlikely to be successful.
Will Ethereum suffer from new forks? Vitalik Buterin shares his view
Vitalik Buterin dismisses concerns about community conflict. The Canadian programmer says that potential hard forks will not cause significant damage to Ethereum. Buterin also said that community members rally around the upgrade. This means that attempts to launch competing versions of the blockchain are unlikely to attract much attention with disgruntled miners.
The Ethereum co-founder describes those who advocate forks and speculate on merges as desperate opportunists. Ethereum Classic, a hard fork launched in July 2016 after the infamous DAO hack, will be one of the most established homes for community members who want to stick with the PoW consensus mechanism. Therefore, new forks are unlikely to gain any significant supporters within the ecosystem.
The DAO was a decentralized autonomous organization (DAO) that started on the Ethereum network in 2016. After raising $150 million worth of ETH through a token sale, the DAO was hacked for security vulnerabilities in its codebase. Ethereum was finally hard forked to restore stolen funds. However, not all parties agreed with this decision. Thus causing the network to split into two different Blockchains. One of them is Ethereum and the older one is Ethereum Classic.
ETC rally 200% before merge
According to data provided by CoinMarketCap, ETC is currently the 19th largest cryptocurrency. The token recently experienced a significant rally at the start of the merge event. Ethereum will switch to the PoS consensus mechanism in September after years of frustrating delays. As of now, several ETH-focused mining companies and equipment manufacturers are leading efforts to fork the main chain. The San Francisco-based Hongcai Guo miner is currently leading the development of EthereumPoW. Powered by Huobi and Poloniex, the hard fork claims to have around 50 developers. If some new PoW fork is successful, Buterin believes it will cause a lot of market confusion.
Ethereum Classic (ETC) price analysis
Meanwhile, the ETC price rally has been continuing gradually since July 15. Over the past few weeks, ETC’s gradual growth has plateaued in the $38-$39 range. This range has changed to showcase supply zone trends, especially after the latest rejection of higher prices.
All in all, ATH price is trading 78% below $176.16 despite a 138% rally over the past 30 days. The latest price rally came after Buterin’s recent statements. cryptocoin.comWe have given the details in this article.
