Chainlink Will Not Be Supporting PoW ETH, Here’s Why!
Chainlink will not be supporting PoW ETH! Here is why! In a recent announcement, Chainlink stated that they will only be supporting PoS.
Chainlink will not support PoW ETH. https://t.co/JYZnm78S3S
"Users should be aware that forked versions of the Ethereum blockchain, including PoW forks, will not be supported by the Chainlink protocol. "
— Hal Press (@NorthRockLP) August 8, 2022
With the ETH network changing from Proof-of-Work (PoW) to Proof-of-Stake (PoS) in September, in what is known as ‘The Merge’, many in the community have been buzzing about it.
A number of prominent crypto miners like Chandler Guo as well as crypto exchanges like Poloniex were positive about the merge, with some planning to mine and list both the new proof-of-stake version, ETHS, as well as continue to list the proof-of-work version, ETHW. Chainlink, on the other hand, did not seem as convinced about the hard fork.
Related: Vitalik Buterin Says Ethereum Will Only Be 55% Complete After Merge
In a recent blog post, Chainlink stated, “Users should be aware that forked versions of the Ethereum blockchain, including PoW forks, will not be supported by the Chainlink protocol. This [is aligned] with both the Ethereum Foundation’s and broader Ethereum community’s decision, achieved via social consensus, to upgrade the Ethereum blockchain to PoS consensus.”
Chainlink added that for Ethereum developers and dApp teams, who are still hesitant about the migration strategy regarding The Merge, are recommended to pause smart contract operations to avoid unforeseen incidents and help protect end users.
Going Against Vitalik Buterin’s Statements
Since the announcement of the ETH Merge, many people have been stating their views on it, with some in the community being enthusiastic about it, while others criticized it.
Ethereum miners, however, are the ones who will be most affected by The Merge. Miners have argued that through PoW, they are able to make an income through mining ETH, whereas PoS will cause Ethereum to “rely on a trusted network of validators”, practically eliminating ETH mining for good. For that reason, miners want to continue using PoW.
To this, Vitalik responded, “If a proof-of-work fork becomes large, then there are definitely a lot of applications [that] will have to choose one way or the other. I hope that whatever happens doesn’t lead to people losing money.”
During the EthCC conference in Paris in July, Buterin had also discussed the merge, saying that those who prefer the Proof-Of-Work system were welcome to continue using it, stating: “It’s a very welcoming community and I think they’ll definitely welcome Proof-of-Work fans. It’s not even a joke. If you like Proof-of-Work, you should go use Ethereum Classic. It’s a totally fine chain.”
However, with Chainlink announcing that they will not be continuing to support PoW after The Merge, this goes against Buterin’s statements of people in the community getting to choose which system they prefer to use.
Many in the community have already started to throw in complaints about Chainlink’s refusal of using the old Proof-Of-Work system.
For more info regarding Crypto Alpha and NFTs Alpha. Always follow us on Twitter and Instagram