According to Vitalik Buterin, a potential Ethereum proof-of-work fork is unlikely to succeed

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Last Updated on August 21, 2022 by Bitfinsider

According to Ethereum co-founder Vitalik Buterin, the potential upcoming Ethereum proof-of-work fork is unlikely to have significant long-term adoption.

The concept of a fork gained traction in the last two weeks after popular Chinese crypto miner Chandler Guo, who was involved in the 2016 fork that resulted in Ethereum and Ethereum Classic, announced his intention to fork the Ethereum blockchain, naming the new network “ETH POW.” When the blockchain goes through “the merge” and becomes a proof-of-stake network, these miners will create a fork of the network that ignores the update and focuses solely on mining.

During a Q&A session at ETHSeoul on Friday evening, Buterin answered questions from journalists about the potential impact of this type of hard fork on the Ethereum network.

In response to a question about the plan, Buterin stated that he does not see it as organic and that it is simply a “couple of outsiders who basically have exchanges, and mostly just want to make a quick buck.”

“I don’t expect it to have widespread, long-term adoption,” Buterin said.

Buterin admitted that there may be “a couple of splats on some markets in the meantime,” but added, “I hope that whatever happens does not result in people losing money.” This could refer to exchanges launching IOU products, allowing traders to speculate on the value of the forked tokens, assuming they proceed.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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