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A highly anticipated upgrade on the Ethereum network – The Merge – is expected to bring significant changes on the protocol. This upgrade would make the network transition from a proof-of-work consensus mechanism to a proof-of-stake system. However, this might not be easy to just shift and enjoy the feature-rich Ethereum 2.0 just as it is.
With the new upgrade on Ethereum, several potential risks are there that might come along. Apart from this, the transition would impact Ethereum from PoW to PoS would make many ETH miners much less useful. Miners involved in the mining and a lot of mining infrastructure are expected to face this problem.
However, many believe that ETH mining might not just disappear within a day. On 27th July, Chandler Guo – Ethereum investors and miner – tweeted that Ethereum proof-of-work is coming soon. This statement is quite opposite of what is expected to come along, that is Ethereum proof-of-stakes.
Guo explained his take in further deceleration where he said that he along with several other miners would continue to support the existing proof-of-work Ethereum blockchain. Even though the system would shift from PoW after the Merge.
This is not the only notion of Chandler Gue as there are several rational arguments spreading across the crypto space. There are claims that the ETH PoW blockchain would continue. Moreover, this is expected to be an experiment and many people find it intriguing to see how this experiment would unfold.
Although there are many risks involved even if the experiment of keeping the proof-of-work Ethereum chain alive. First, the reason itself that this might just end up being a baseless claim and nothing else. Also, there are possibilities that the PoW ETH would be used by malicious actors to pose a threat and their illicit activities on the new Ethereum 2.0.
ALSO READ: The Returned Token From White Hat Hackers Approx. $9 Million
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
