Ethereum’s “The Merge” is getting closer and not all members of the blockchain are happy with the move from “Proof of Work (PoW)” to “Proof of Stake (PoS)”. Experts point out that miners want to stay in the current consensus method, according to Marianella Vanci on Criptonoticias.
“No one in the Ethereum community, apart from the miners, wants to remain in the proof of work,” said the specialist who, under the pseudonym Hasu, usually analyzes the cryptocurrency ecosystem.
Hasu spoke out in the face of rumors of a possible fork before the merger takes place. Meanwhile Chandler Guo, an Ethereum miner, has requested the support of mining pools to maintain the original consensus method.
“I forked Ethereum once, I will do it again!” Guo has said, clinging to the possibility of keeping his PoW-dependent financial activity intact. But Hasu warned that doing so would be a giant trap as they are only looking out for their own interests.
Hasu adds that maintaining an Ethereum network under the PoW system is an idea that does not have even 1% support from the community. “I have studied the Ethereum Classic (ETC), Bitcoin Cash (BCH), and Bitcoin Satoshi Vision (BSV) forks, and saw that they were actually dividing their respective communities. In all cases, they were moved because they were real believers and not because of a short-term trade.”
Hasu noted that forking to keep the Pow “is a completely stupid idea” that would just dump another bad project into the ecosystem for retail.
Nicolás Bourbon, an Argentine bitcoiner, agrees with Hasu’s point of view, adding that a project that has no community, no developers, and no one interested in participating, will only mine a cryptocurrency at a loss that will not make much sense other than a brief airdrop to dump. .
But there are other voices in favor such as that of Kendall Weihe, a software engineer at CoinMetrics, who expresses the reasons why he rejects the PoS system and defends PoW.
He noted that proof-of-stake is vulnerable to state influence, while proof-of-work is the only mechanism to resist state influence. “So users of this decentralized movement need to be aware of what they are voting for.”
“If you are a true believer in Ethereum, then resistance to state influence is the highest priority user requirement. But it is evident that there are no true believers, and probably most users do not have resistance to state influence as their top priority”, added Weihe who indicated that he is not an anarchist but the move from PoW to PoS will make Ethereum a an institution.
Ethereum is trading at $1,700 in the early hours of this Monday and the 50 moving average is below the last two candles.