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Binance Might Consider Supporting Ethereum Proof-of-Work Fork

UTC by Bhushan Akolkar · 2 min read
Binance Might Consider Supporting Ethereum Proof-of-Work Fork
Photo: Depositphotos

Binance is not ruling out the possibility of listing the ETHPOW token after the hardfork. The company will eventually take a decision based on how things play out.

A new controversy has recently erupted over the upcoming Ethereum Merge upgrade scheduled next month on September 19. Some crypto exchanges have gone out stating that they will support the Ethereum PoW fork. Interestingly, the world’s largest cryptocurrency exchange Binance hasn’t ruled out the idea of supporting the controversial hardfork. In an announcement on Wednesday, August 10, the crypto exchange said that it is closely monitoring the development. Binance said that it would support The Merge upgrade leading to the Ethereum Proof-of-Stake blockchain. However, it went on to add that “In case of new forked tokens, Binance will evaluate the support for distribution and withdrawal of the forked tokens”.

Explaining its position regarding Ethereum, Binance further added:

In order to protect Binance users, all forked tokens will go through the same strict listing review process as Binance does for any other coin/token. Binance does not guarantee any listings as per our internal policy”.

As the current Ethereum blockchain prepares for a transition to Proof-of-Stake (PoS), some miners said that they will fork the current blockchain and continue having the PoW version of ETH. Chandler Guo, the influential Chinese miner was the one to lead the proposal. The suggested fork will feature a new cryptocurrency dubbed ETHPOW.

Vitalik Buterin Opposes the Hardfork

Ethereum co-founder Vitalik Buterin has himself opposed the hardfork. Lashing out at the supporters of ETHPOW, Buterin said that they are just trying to make a quick buck here.

Besides, Buterin has also warned that he won’t be responsible for any problems that arise in the PoW version of the Ethereum blockchain after the PoS transition is complete. “I’m sure there’s going to be problems… if they want to make a fork, it’s on them to mitigate those problems,” said Buterin.

On the other hand, there have been several other big market players opposed to this idea of a Proof-of-Work (PoW) Ethereum fork. Two of the world’s largest stablecoin issuers Circle and Tether said that they would only support the Ethereum PoS version.

At the same time, other popular platforms like Chainlink have also distanced themselves from the hardfork. Chainlink said that it will only be supporting the Ethereum PoS version after the Merge upgrade next month.

Altcoin News, Binance News, Blockchain News, Cryptocurrency news, Ethereum News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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