As the tentative date for Ethereum’s switch to a Proof-of-Stake (PoS) network approaches, controversies surrounding the future of the legacy Ethereum network post-merge are taking center stage. Tron founder Justin Sun has weighed in on the debate, backing the preservation of the PoW Ethereum network.
In a Monday update, Justin Sun argued that Ethereum’s PoW “has its own unique value.” This value would be permanently lost if Ethereum ultimately moved from PoW to PoS. He added:
In fact, we may have underestimated the value of Ethereum as the only POW smart contract blockchain. [..] I think to some extent that the Ether community may underestimate how much POW has contributed to Ethereum as the core consensus mechanism.
While admitting that he could profit from the hard fork as a ‘whale’ by receiving coins on the new network, Justin Sun sought to appeal to moral motives. He concluded: “I don’t think there is any wrong to preserve the PoW chain for the Ethereum community.”
Justin Sun’s Poloniex Cashes in on Merge Drama
Justin Sun’s support for the preservation of Ethereum’s legacy network is not surprising. This weekend, the Sun-owned Poloniex exchange listed synthetic tokens representing Ethereum PoW and PoS systems.
The tokens would allow investors to speculate on ETH prices in the weeks and days leading up to the merge, with Poloniex apparently cashing in through trading volume and fees. The ETHW token backing preservation of the legacy Ethereum network trades at 0.08 ETH ($120) at the time of writing.
(Source: Poloniex)
Meanwhile, the Ethereum ‘Merge’ (expected sometime in mid-September) is currently one of the key catalysts driving ETH prices. A successful merge for the Ethereum community would include the PoW network becoming extinct or at least intangible to drive value away from the new PoS network.
Source: https://coinfomania.com/justin-sun-backs-ethereum-for-merge/#utm_source=rss&%23038;utm_medium=rss&%23038;utm_campaign=justin-sun-backs-ethereum-for-merge