Following the Merge, several proof-of-work alternatives to Ether are receiving attention. Will they have a future?
Major cryptocurrency exchange OKX has alreadyproviding on-chain data for the new network. Though the current transaction activity of the crypto asset seems stable, the PoW spin-off’s price value has been in constant decay since its launch, going from a price of $137 at its peak to $5.87 at publishing time, according to CoinMarketCap.
The DAO was an early iteration of a decentralized autonomous organization on the Ethereum network. To address the hack and compensate investors, the community agreed to essentially roll back the network’s history to before the hack happened with a hard fork. While the new fork inherited the name “Ethereum,” those who disagreed with the move continued to support the old fork, which became known as Ethereum Classic.
“The possibility of a hardfork has always been there. People are always going to prefer to be able to mine Ether rather than having to buy it.” “Ethereum Classic is going to be just as effective as Ethereum was for miners. In the end, the community is going to pick ETC, not because of its rentability but for effectiveness for data processing,” Nill says.The users that decide to hold Ethereum PoW or any subsequent token post-Merge could find it difficult to trade their new assets.
“From a user perspective, you want something that is cheap, fast and reliable. Through the Merge and more scaling in future plans for the Ethereum Foundation, this could be a foreseeable opportunity. They have worked from a very safe place, assuring security at all cost over other tradeoffs.”Ethereum’s choice to bet on a change for its consensus protocol has been defended as a necessary, non-negotiable step.
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