Summary:
Chainlink has declared its stance concerning the upcoming Ethereum PoS transition and possible network hard forks.The oracle network supports Ethereum’s upgrade into a Proof-of-Stake consensus.Forked versions of ETH’s Proof-of-Work blockchain will never be supported by the protocol.The news headlines comes as speculations regarding a difficult fork have emerged in recent weeks before The Merge.One major ETH miner Chandler Guo is thought to move towards a difficult fork in a very bid to sustain a PoW ecosystem.Crypto exchange OKX said they intend to monitor any forks and list forked tokens should they boast sufficient demand.Ethereum founder Vitalik Buterin surmised that another ETH fork shouldn’t threaten the post-merge network.
Ethereum-based protocol Chainlink released an update on Monday clarifying its stance and decision never to support possible hard forks because the Merge, ETH’s pivotal switch to a Proof-of-Stake consensus draws closer.
The protocol has managed to get clear the fact that network plans to keep operations on ETH’s network after and during the Merge occurs later in September.
Chainlink’s mainnet launched fully in-may 2019 to be a decentralized network built in the Ethereum blockchain. The network powers the transfer of data from off-chain sources to on-chain channels by leveraging custom smart contracts referred to as oracles.
Chainlink won’t support the forked versions on the Ethereum blockchain and recommend other developers and dApp teams that smart contract operations are paused in order to avoid unforeseen incidents and help protect customers. https://t.co/peT0n5yARw
– Wu Blockchain (@WuBlockchain) August 8, 2022
While Chainlink has managed to get clear the fact that oracle network stands while using merge, similar support will not extend to possible hard forks, per Monday’s announcement.
Users must be aware that forked versions on the Ethereum blockchain, including PoW forks, will never be supported by the Chainlink protocol.
ETH’s watershed transition to PoS has seemingly garnered both support and opposition in the crypto community. A significant ETH miner Chandler Guo supposedly aims to just do it with a difficult fork of Ethereum’s Proof-of-Work blockchain. The move may potentially sustain an ETH ecosystem built around PoW and miners.
Tron founder Justin Sun pledged 1 million ETH if this effort proves to reach your goals. Cryptocurrency exchange OKX in addition has hinted openness towards hard forked coins and said demand for such tokens could determine whether the platform will list them.
ETH Daily Chart (Source: TradingView)
Ethereum Founder Says ETHPoW Hard Forks AREN’T A CONCERN
Vitalik Buterin surmised that any possible ETH PoW hard forks shouldn’t pose a threat for the Merge. Buterin shared these remarks on the weekend during an ETH conference in Seoul, South Korea.
Buterin opined that ETH Classic already comes with an existing community built around PoW and that a lot of on the ETH ecosystem is behind the PoS transition.
Ethereum Founder Vitalik Buterin (Source: Forbes)