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HomeCrypto NewsMarketEthereum Founder Vitalik Buterin Says Lovers Of Proof-of-Work Are Always Welcome To Migrate To Classic ETH Chain

Ethereum Founder Vitalik Buterin Says Lovers Of Proof-of-Work Are Always Welcome To Migrate To Classic ETH Chain


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Buterin says lovers of PoW can always move to Ethereum Classic.

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Vitalik Buterin, in a speech at the EthCC event in Paris on July 21, as the Ethereum migration to Proof-of-Stake (PoS) inches closer, said it is perfectly fine for lovers of Proof-of-Work (PoW) to migrate to other blockchains, suggesting the Ethereum Classic chain in particular.

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“It’s a very welcoming community and I think they’ll definitely welcome Proof-of-Work fans,” the programmer said, talking about the Ethereum Classic community. “It’s not even a joke. If you like Proof-of-Work, you should go use Ethereum Classic. It’s a totally fine chain.”

Ethereum Classic is the legacy Ethereum chain. A hotly debated hard fork in 2016 saw Ethereum split from the Classic chain. Notably, both chains share a lot of similarities in terms of programmability.

Ethereum’s migration to PoS would mean Ethereum Classic becomes the largest programmable PoW blockchain. While Ethereum surged by over 60% in the last week, Ethereum Classic largely outperformed it. The native token for the legacy chain surged by a whopping 100%, from about $13 to $26. As a result, its market cap surged nearly 50%, reaching over $3 billion.

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It is worth noting that during his speech, Buterin also talked about some of the benefits of Ethereum’s upcoming move to PoS popularly called merge. According to Buterin, with sharding, the network would see a significant boost in throughput and a decline in gas fees. Speaking on his vision for Ethereum in the future, the programmer noted that the blockchain should, over time, become more dependable and resistant to change.

Buterin said more radical changes would be left to the Layer 2 community. The programmer concludes by noting that the future outlook of the blockchain will largely depend on community members, not just core developers.

At the time of writing, Ethereum is trading at the $1,543 price point. It is down 3.29% in the last 24 hours but up 3.69% in the last seven days. On the other hand, Ethereum Classic is currently trading at the $24.63 price point. It is down 4.92% in the last 24 hours but up 7.88% in the last seven days.

Ethereum’s merge is expected on September 19.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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