The developers have introduced a code on the network to discourage miners gradually before the Merge scheduled for September occurs. That event aims to reduce the use of power, but it could make expensive mining equipment obsolete.
The developers of the EthereumPoW hard fork reportedly claimed to have given up on the difficulty pump. Vitalik Buterin, the co-founder of the Ethereum network, had previously announced a date for the upcoming Merge.
The transaction verification mechanism on the network will change through the Merge, delegating validators to reduce energy consumption. Instead of using expensive computing power, they will add transactions to a block, thus contributing to a stake of ETH and solving complex math problems.
Locking the ETH allocation and validating the transactions will depend on the user targeting the most tokens, not the one with the highest hash rate.
Ethereum developers have introduced a code called difficulty pump on the network to discourage miners gradually. That is part of the so-called proof-of-work blockchain as the transition to the Merge scheduled for September approaches.
The Developers Think It Is Possible to Do It
Although the Merge aims to reduce power consumption on the network, it could make expensive mining equipment obsolete. Therefore, some miners have decided to deactivate the difficulty pump to protect their income source.
Although their job is hard, EthereumPoW developers believe they can do it. The group recently claimed that it had already overcome significant obstacles, including dismantling the difficulty pump and creating a testnet. The latter is the first private version of a new blockchain on which the application of test apps is possible.
The team responded to an accusation that they had been responsible for developing the Ethereum Classic blockchain in 2015. An attack by the DAO divided the Ethereum community between those believing in immutability and those seeking a new blockchain. Those wanting to continue using the old blockchain called it Ethereum Classic.
Since the developers said their new hard fork was inevitable, Twitter users responded with jokes. The co-founder of EthHub co-founder said the chain would self-destruct, while other critics warned the developers that the project would fail.
An Analyst Considers that Forks Are Short-Sighted
In early August, miner Chandler Guo said a Chinese company making mining equipment contacted him to look into a new hard fork. He reportedly has 60 developers working on it and expects the new blockchain to issue new tokens. Although the upcoming Merge will change the issuance model of ETH, there will not be new tokens.
Vitalik Buterin thinks the new forks would not break the union while the Ethereum Classic community has a superior product in line with its values.
According to Messari analysts, most efforts to create hard forks have been short-sighted and have not considered maintenance and support.
Ether is trading at around USD 2,010 and has accumulated an 18.7% gain over the last week. While its daily trading volume is above USD 11.45 billion, its market capitalization is about USD 241.26 billion, according to CoinGecko.
By Alexander Salazar
