Ethereum is a smart contract platform that enables developers to build tokens and decentralized applications (dapps). ETH is the native currency for the Ethereum platform and also works as the transaction fees to miners on the Ethereum network. Ethereum is the pioneer for blockchain based smart contracts.
Miner the term “miner” can refer to both the person doing the mining and the device that is used to mine crypto. who was involved in the fork that spawned Ethereum Classic in 2016, is committed to a new hard fork.
- Minero Chandler Guo propone hard fork de Ethereum: ETH POW.
- The idea is to allow miners contributors to a blockchain taking part in the process of mining. They can be professional miners or organizations with large-scale operations, or hobbyists who set up mining rigs at home or in the office. to continue operations even after The Merge.
- Miners already have an alternative: migrate to Ethereum Classic.
- ¿Podrá ETH POW competir con ETH PoS y ETC?
A new approach to forking the blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. Ethereum a decentralized open-source blockchain with smart contracts functionality. has arisen amidst expectations of the arrival of the The MergeThe new network, an upgrade that will see the network a network refers to all nodes in the operation of a blockchain at any given moment in time. change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. from its current proof-of-work poW is a type of consensus algorithm that rewards validators according to the amount of computational power they have expended. (PoW) mechanism to a proof-of-stake poS is a type of consensus algorithm that rewards validators according to the amount of crypto they have staked. (PoS) mechanism.
Chandler Guo, an influential cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. and Chinese investor, shared on Twitter his intentions to fork Ethereum which would allow the miners to continue their operations after the upgradeThe Mergeknown in Spanish as la fusión. The proposal, called “ETH POW,” was picked up by news outletThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain..
ETH will be fork，ETHPOS VS ETHPOW https://t.co/ICti7ou4q6
– Chandler Guo (@ChandlerGuo) July 27, 2022
Ethereum se está preparando para abandonar su actual mecanismo de consenso PoW por uno de prueba de participación. El cambio, que es uno de los más importantes para el proyecto, eliminará la necesidad de los mineros para verifiquen transacciones y validar nuevos bloques, lo que convertirá la minería de ETH en una actividad obsoleta.
Once in PoS, Ethereum will be based on a new structure of network operators, called validators, and will not rely on mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. machines based on high computational power and electricity consumption to operate. This will be a more environmentally sustainable model, which is expected to improve energy efficiency of Ethereum by more than 99%.
According to the most recent schedule, the upgrade willThe Merge could happen next September 19 .
Bifurcation of Ethereum to conserve PoW
In the face of the impending transition, Guo has proposed a new bifurcation, or hard fork for Ethereum . It wouldn’t be the first fork of the blockchain, and Guo himself already has experience in this field. In 2016, the miner was involved in the. fork de Ethereum that at the time originated the blockchain. Ethereum Classic (ETC).
According to The Block, Guo wants to repeat the feat by acquiring enough power from hash a hash is the output result of a hashing algorithm, which creates a unique, fixed-length string to encrypt and secure a certain selection of arbitrary data. a measure of cryptocurrency production, and convincing other miners to join him. “ I forked Ethereum once, I’ll do it again. ” he wrote in a tweet last week.
i fork ethereum once，i will fork it again！ https://t.co/3DdlZ3zMz9
– Chandler Guo (@ChandlerGuo) July 27, 2022
If carried out, the move would clone the blockchain Ethereum to create your own version where The Merge would never happen. This would allow miners, who have invested millions of dollars in graphics processing unit (GPU) chips and mining equipment, to continue running their operations over the new network.
However, it should be noted that the move would not slow down the transition to PoS. If Guo’s feat succeeds, the network would Ethereum will be split into two chains: the non-canonical PoW version operated by the miners and the default PoS chain managed by the core developers and validators of Ethereum as he explains The Block.
The issue will be whether the new ETH POW will be able to attract enough users to generate value. The new version would have its own token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. native, which would be different from the current ETH, and therefore also a different price.
En función de atraer usuarios, el proyecto deberá aportar valor, bien sea mediante su criptomoneda nativa, que deberá ser listada en intercambios de criptomonedas, así como mediante un ecosistema florido de aplicaciones descentralizadas. Pero para eso, ETH POW deberá “ start from scratch “, como señala el informe, con contratos inteligentes recién implementados.
A PoW option a contract giving the buyer the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price. already exists: Ethereum Classic
The miners of Ethereum have feared the transition to PoS for some time now. In fact, the developers of Ethereum had already anticipated the possible refusal and made arrangements to counter the miners’ interference, including a “…. pump of difficulty a measure of how hard it is to validate a new block on a blockchain. “which will make it significantly more difficult to extract new blocks.
But this does not take away the possibility that the miners may decide to clone the network. A recent survey made by Galois Capital capital is most commonly defined as the large sum of money you would use to invest. recently revealed that the 33.1% of respondents believe the merger will create two parallel blockchains The majority (53.7%) believe that the upgrade will go ahead smoothly. The majority (53.7%), however, believe that the upgrade will proceed smoothly.
A new version of Ethereum that keeping PoW is not the only alternative for miners. A proof-of-work blockchain already exists. , Ethereum Classic The PoS system, which miners could migrate to in order to continue their operations even after the transition to PoS.
In fact, in light of the impending update, the mining group AntPool affiliated with Bitmain , announced recently made a $10 million investment into the ecosystem of Ethereum Classic in order to track its operations on the network. The native cryptocurrency, ETC, has gone up more than 35% in price. in the last week in the face of these efforts.
The issue about the potential for the potential new ETH POW version is still under discussion, as it will depend on the usage and relevance to users compared to the existing PoW-based ETC and the upcoming ETH POW version. Ethereum PoS. In this regard, some have already expressed their support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. for the update. The Merge. Among them, Paolo Ardoino, CTO ofTetherthe issuer of the USDT stablecoin, clarified in a Twitter post on Sunday that would support the PoS version over the proposed PoW fork.
- Ethereum closer to PoS after activating ‘The Merge’ on the Sepolia test network
- For investor Raoul Pal, Ethereum could overtake Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. once The Merge arrives.
- Ethereum to shut down several test networks once The Merge is activated on mainnet an independent blockchain running its own network with its own technology and protocol.
Article by Hannah Estefania Perez / DiarioBitcoin
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