Ethereum (CRYPTO: ETH) creator Vitalik Buterin invited people to use the Ethereum Classic (CRYPTO: ETC) blockchain if they prefer Proof-of-Work networks.
What Happened: Speaking at the EthCC conference in Paris, Buterin discussed the upcoming Merge, an event that would mark the Ethereum blockchain’s transition from Proof-of-Work to Proof-of-Stake.
See Also: PROOF OF STAKE VS PROOF OF WORK
Buterin referred to Ethereum Classic as the “original Ethereum” that did not betray the vision by forking the DAO.
“It’s a very welcoming community and I think they’ll definitely welcome Proof-of-Work fans,” he said.
“It’s not even a joke. If you like Proof-of-Work, you should go use Ethereum Classic. It’s a totally fine chain.”
Why It Matters: Ethereum Classic has already seen a significant amount of price action over the last few weeks as market participants anticipate a miner migration from the Ethereum chain.
We are seeing price movement on $ETC.
Why is #EthereumClassic pumping?
Short Answer:
With $ETH moving to #PoS in ~60 days, #ETC becomes the largest #PoW smart contract network. The second largest proof of work network behind only Bitcoin.#Miners = real users and value.— Ethereum Classic DAO (@EthClassicDAO) July 17, 2022
When Ethereum officially moves to PoS, Ethereum Classic will become the second-largest PoW network after Bitcoin (CRYPTO: BTC).
Price Action: According to data from Benzinga Pro, ETC was trading down 7% at $24.60 over the last 24 hours at press time, but is up 14.87% over the last seven days.
Photo by John Phillips via Wikimedia