Ethereum co-founder Vitalik Buterin recently offered Ethereum Classic as an alternative for people averse to the ETH PoS upgrade.
Vitalik Buterin recently suggested that anyone who favors the proof-of-work (PoW) mechanism should consider switching to Ethereum Classic. The Ethereum co-founder’s comment comes as a result of the upcoming update to the widely-used blockchain. Vitalik Buterin described Ethereum Classic as a “totally fine chain” and a perfect alternative to Ethereum’s soon-to-be resident proof-of-stake (PoS) mechanism.
As the September Ethereum Merge approaches, a large group of crypto miners has been looking for new sources of income. This is because the prodigious blockchain will no longer be available for mining.
Vitalik Buterin Highly Recommends Ethereum Classic for PoW Devotees
The new blockchain version, called Ethereum 2.0 (Serenity), is more scalable and sustainable than the outgoing version. However, at the recently-concluded Ethereum Community Conference (EthCC) forum, Buterin acknowledged not everyone may welcome the PoS concept. This is why the Russian-born, Canadian writer and programmer recommends the Classic version to PoW devotees. Buterin further referred to Ethereum Classic as the “original Ethereum” that did not betray the vision by forking. As he put it, “It’s a very welcoming community and I think they’ll definitely welcome Proof-of-Work fans.”
Over the past few weeks, as anticipation for PoS intensifies, Ethereum Classic has experienced a significant amount of price action. This price action is in turn triggered by the expected mass miner migration from the Ethereum chain following its September update. Upon the Ethereum shift to PoS, Ethereum Classic will become the second-largest PoW network after Bitcoin (BTC).
As more hashrate flowed into ETH, investors upped the ante on their Ethereum Classic exposure, triggering a short-term rally. In that time, there was a whopping 105% price increase for the ETH token. Presently, the outgoing chain was trading down 7% at $24.60 over the last 24 hours as of press time. However, data from Benzinga Pro reveals that Ethereum Classic is also still up 14.87% over the last seven days.
Investors are still betting big on Ethereum Classic to gain even more value after the Merge goes live, following subsequent mining power migration.
Launched back in 2016, Ethereum Classic is a hard fork of the Ethereum chain and mainly mimics the core functions of the network. In addition, Ethereum Classic also acts as a smart contract network that supports decentralized applications and solutions with its native ETC token. Since launching, Ethereum Classic has stood out for its novel characteristics.
Takeaways from Buterin’s ECC Speech
Overall, Buterin’s speech at the EthCC event outlined his vision for the future of Ethereum. This vision included an increased emphasis on security, stability, and decentralization, as well as key points. The Ethereum co-founder’s delineated points include, Ethereum being 55% complete upon completion of the Merge, and the chain’s eventual stability post-Merge. Furthermore, Buterin warned against adding support for multiple virtual machines, and pushed for more network decentralization. Lastly, the programmer touched on the merits of PoS and even more potential upgrades in blockchain evolution.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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