Hard Wallet Provider to Take Similar Approach to Anticipate A New Ethereum Hard Fork
Hard Wallet Provider to Take Similar Approach to Anticipate A New Ethereum Hard Fork.
Today, on September 15 around 05:05 UTC the Ethereum Merge, a major upgrade on its platform by switching from Proof-of-work to proof-of-stake, is expected to occur.
Getting Ready for A New Ethereum Hard Fork
This merge marks the end of Proof-of-Work (PoW) and is projected to eliminate 99.9% of the need for energy-intensive mining.
For some miners, they are getting ready for a hard fork. It is a change in protocol that makes previously invalid blocks and transactions valid, or the other way around. Hard fork also enables miners to continue using proof-of-work consensus.
Previously, this forked coin has proven to be profitable in the past, when Ethereum (ETH) forked in 2016, its holders acquired an equivalent amount of Ethereum Classic (ETC).
If the Ethereum blockchain were to split into two networks as result of a new hard fork, users holding ETH would have equal ETHW balances on the forked chains and it would be a completely different token from ETH.
Securing Coins
For ETH holders who use hard wallets, no need to worry about their token as most providers are taking a similar approach. The team will monitor adoption of the new chain as well as the forked chain before implementing the ETHPoW support, and it alerts users that no action is required.
“In the event of a fork, the first thing everyone should know is that any assets the user currently has on the main network are safe. will not support an ETH Proof of Work fork on day 1, as there are a number of technical aspects that need to be evaluated to ensure it’s safe for users, chief among those is ensuring the new chain is secure,” said Charles Guillemet, CTO of security hard wallet Ledger, to Cointelegraph.
On the other hand, bitcoin analyst at Trezor, Josef Tětek, said the same thing with Guillemet that “Trezor Suite will not support interaction with the pre-merge proof of work coins after the merge, but users can still use their Trezor with a third-party interface like MetaMask to access the older version of the blockchain.”
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