“Ethereum Mergers Started a New Era for Ethereum Classic”: Bob Summerwill


Key facts:
  • “PoW is unique, it was the revolution of Bitcoin and blockchains,” says Bob Summerwell.

  • Ethereum Classic wants to encourage the development of applications on its network.

Bob Summerwell, CEO of the Ethereum Classic Cooperative, said that the Ethereum Classic network “has begun a very important new era” after the Ethereum merger. This is because it has become “the second or third largest network with PoW in terms of block rewards and active miners,” as he puts it.

In an exclusive interview with CriptoNoticias, Summerwill highlighted the fact of this The hashing or processing power of Ethereum Classic has been reached Multiply by 10 after the merge. This event, which took place on September 15th, involved Ethereum transitioning from Proof of Work (PoW) mining to Proof of Stake (PoS). Hence, many miners on that network have dedicated their graphics cards (GPU) to mining Ethereum Classic.

however, Currently 70% or 80% of ETC mining is done with ASICs (integrated circuit equipment), which are “great for network security,” says Summerwill.

Meanwhile, of the GPUs that have been used to mine Ethereum, “80% are probably out of the game, or maybe waiting to see what happens,” said a representative for the Ethereum Classic Cooperative, who was interviewed by special envoys for the medium at Bitmain’s World Digital Mining Conference. Summit 2022 in Cancun, Mexico.

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Previously, the lack of miners was a security risk for Ethereum Classic:

Since Ethereum is so large and uses essentially the same hash, Ethereum Classic was very vulnerable to attacks with a 51% attack rate. Now, ETC owns the majority of the hash within this hashing algorithm. You cannot rent enough hash to attack ETC.

Bob Summerwell, CEO, Ethereum Classic Cooperative.

However, Bob Summerwell It does not guarantee that Ethereum Classic has the potential to have more miners join and make a profit mining on that network. “More miners could be added to ETC, but I don’t know if it will be profitable. It probably won’t be available to anyone who isn’t currently mining, unless they have Accommodation Unbelievable in terms of electricity.” But he explained: “This is a growth and shrinkage cycle. We are at a low point and when we will return is another question.

Ethereum classic hash.
The hash rate of Ethereum Classic has been around 150 TH/s since September, 6 times what it was before the merger. Source: Minerstat.

The value and future of Ethereum Classic

In the debate between the merits of each consensus algorithm (PoW and PoS) revived after the merger, Summerwill aspects with proof of work. “PoW is unique, it has been the revolution of Bitcoin and blockchains. It is the most decentralized mode and without prior authorization To provide security for the blockchain,” he affirmed.

The real difference between Ethereum and Ethereum Classic is that we hope to continue mining with PoW forever. We never know what could happen, but that’s the intention.

Bob Summerwell, CEO, Ethereum Classic Cooperative

Regarding the expected future developments of Ethereum Classic, the interviewee He said it would be the key financing program Awarded by Bitmain and Antpool To distribute grants to Ethereum Classic developers. On this subject, CriptoNoticias also spoke with Xmei Lin, Director of Marketing at Bitmain.

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This program will allow us to focus on developing decentralized applications“something that has always cost” this network despite the fact that any Ethereum compatible application can also be deployed on Ethereum Classic.

Finally, Summerwill elaborated: “The changes at the protocol level that we evaluated relate to sustainability.” This includes certain improvements to the Ethereum virtual machine format without breaking backward compatibility. “We will try to help Ethereum developers with this because we are both looking for this change,” he concluded.

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