Tuesday, July 14, 2020

Ethereum Could Be Hard Forking Despite Founder’s Opinion

Ethereum, the second most important altcoin and currently one of the most used due to its link to most ICOs, has been under the public eye this last month. The principal reason for this being the reveal of the first ASIC that will use the EtHash algorithm to mine Ethereum in a greater scale. Ethereum’s algorithm was known for being ASIC resistant and was better mined by GPU’s due to its characteristics.

Ethereum Founder, Vitalik Buterin, has finally expressed his opinions about a possible fork, letting people know his position on the issue. And it is, by all means, a surprising one, to say the least. Buterin declared yesterday that he was in favor of taking no action and allow ASICs to operate freely in Ethereum pools. To him, there are more important matters that the Ethereum community should take care of.

He stated that:

Getting everybody to upgrade is likely to be fairly chaotic and detract from more important things. So, at this point, I personally lean quite significantly towards no action.”

But these reasons seem not as important and determining. Just last week, Monero executed a hard fork also to render Bitmain’s ASICs useless and protect the integrity of their blockchain. The problem is that this possible hard fork has already been proposed by devs in the Ethereum GitHub: It is called Early ASIC Mitigation Hardfork (#969), and it is literally defining a hard fork to break ASICs.

The real sentiment of the community is leaning to fork. At least that’s what most Reddit users think, and they have been very vocal about it. An ethereum dev also made a poll on Twitter, and most users were in favor of the fork, also. So, will this internal dissent cause a fork despite devs being against it? It would not be the first time that it occurs. The Bitcoin / Bitcoin Cash fork was triggered by an internal difference about block sizes. The truth is that any fork will make Ethereum weaker in the market, and it will open the doors for other “smart contracting” cryptocurrencies to step in. For more information, you can check our other article about it here.

 

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