The co-founder of a outstanding crypto information aggregator is predicting the emergence of new Ethereum (ETH) laborious forks as the main sensible contract platform gears up for its much-anticipated improve.
CoinGecko govt Bobby Ong says Ethereum’s present miners are motivated to create a brand new proof-of-work (PoW) model of ETH as soon as the king altcoin transitions to a proof-of-stake consensus mechanism, which is scheduled to happen in a couple of week.
“Ethereum is going through an upgrade where it will transition from proof of work to proof of stake. After the transition, ETH miners can no longer mine. Miners are forking ETH to keep a PoW version so they can continue mining.”
According to Ong, the new ETH PoW forks will seemingly airdrop tokens to present Ethereum holders.
“The Ethereum Merge is scheduled to take place on 13th September. Christmas season is here again. ETH holders will soon be airdropped ETH PoW tokens.”
Ong additionally says that primarily based on Bitcoin’s (BTC) historical past of laborious forks, it’s inside the realm of risk that multiple ETH PoW fork may pop up.
“We have about [six] days to go to the Merge. I think many markets and protocols will get volatile, messy, and complex especially in the hours before/after Merge. One or more ETH PoW forks may show up. Dug up our old 2017 crypto report on Bitcoin forks and found this.”
The CoinGecko co-founder highlights that he doesn’t plan on holding any ETH PoW tokens that he receives.
“My strategy for these fork tokens is to sell them all immediately. Almost all the fork tokens are now dead as they are created solely to keep miners temporarily occupied with mining and have no incentive to grow their community and usage.”
He additionally says that amid the noise and volatility main as much as the merge, Ethereum merchants could discover a short-term alternative.
“Buy the rumor, sell the fact… ETH will probably be bought up in the hours to the Merge and dumped immediately after. You can choose to sell ETH and take profit then.”
At time of writing, Ethereum is altering palms for $1,536, down over 7% on the day.
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