THE DAILY ENCRYPT

October 3, 2022

Crypto Exchange Huobi to Launch Post-Merge Ethereum Hard Fork

Huobi stated that it will list any Ethereum hard forks following the network's switch to proof of stake (PoS)....
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Photo by Nick Chong

Huobi stated that it will list any Ethereum hard forks following the network’s switch to proof of stake (PoS). This is provided they satisfy five requirements. Listing on an exchange allows investors to purchase and sell crypto tokens and gives them more legitimacy.

Huobi, a crypto exchange, said that it would list any hard forks Ethereum after the network’s switch to proof-of–stake (PoS). This is provided they meet five requirements.

Huobi posted on Friday that “As long the forked assets comply with our security requirements,” and said, “We will take the first step to support users to keep the assets and earn rewards.” After we have a better understanding of the opinions of users, trading services for those coins will be made available as soon as they are ready.

Ethereum is moving closer to switching to PoS from the energy-intensive proof of work (PoW consensus), a long-awaited shift known simply as “the merger” and could happen as early as September. However, Ethereum miners, who have spent billions of dollars on equipment that is no longer needed to run the network, could resist the change.

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Although miners cannot stop the merger, they can clone Ethereum to create their own version of Ethereum where the transition will never take place.

After Chandler Guo, a prominent Chinese crypto miner investor and miner, declared last month that he would fork Ethereum to create a PoW-based network he called “ETHPOW,” the possibility of a miner led fork of Ethereum gained momentum.

Huobi, a cryptocurrency exchange based in China but currently based out of the Seychelles in 2013, has announced that it will list forked tokens provided they meet five criteria.

The hard fork project team contacts Huobi Global to inform them of their plans and receives a response before hard fork can be performed.

Two way replay protection is defaulted. This means that trading on one forked chain will be invalidated on the other.

The original chain will not cover or eliminate the new chain. Trading on the forked chains should differ so that all wallets, including light-weight nodes, must upgrade to the new chain.

An official client software that has passed the evaluation and public testing should be made available before a hard fork is started.

Listing on an exchange gives speculators the ability to purchase and sell crypto tokens and increases their legitimacy with investors.

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An earlier hard fork of Ethereum resulted in what is now known as Ethereum Classic. This token is still one of the 20 most valuable crypto assets.

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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