Coinbase has revealed that it plans to evaluate any potential forks arising from the upcoming Ethereum upgrade known as The Merge. In a recently updated blog post, Coinbase stated that if a new proof-of-work (PoW) Ethereum token is created, it “will be examined with the same rigor as any other listed asseton the company’s stock exchange.
Coinbase communicates on the possibility of an Ethereum Fork occurring after the merger
The merge is imminent and the data shows that it will take place in approximately 16 days. Essentially, the merger is Ethereum’s plan to move from a proof-of-work (PoW)-like consensus algorithm to a new proof-of-stake (PoS)-like consensus scheme. Now, despite the fact that a PoW network similar to ETH already exists in Ethereum Classic, there has been talk of creating a new PoW fork when the merger is implemented.
The proposal of ETH PoW fork has gained interest in the market as a number of crypto exchanges have created versions of IOU tokens called ETHW. ETHW changes hands for $49 and is up nearly 5% in the past 24 hours. Last week, August 25, Coinbase updated a post on his blog originally posted on August 16. The latest update concerns the possibility of an ETH PoW Fork resulting from the Merger.
Larticle from Coinbase explains how Coinbase plans to halt any transactions based on Ethereum or ERC20 during the merger. The recent update says: “If an ETH PoW fork occurs as a result of The Merge, this asset will be scrutinized with the same rigor as any other asset listed on our exchange.“Coinbase also has tweeted on the update on Twitter the same day.
Coinbase is committed to fully supporting the upgraded Ethereum PoS chain following The Merge.
— Coinbase Assets (@CoinbaseAssets) August 25, 2022
“At Coinbase, our goal is to list every asset that is legal and safe to list“, tweeted the exchange. “We will rate any ETH fork tokens post-merger will be reviewed on a case-by-case basis in accordance with our standard asset pricing policy. Rest assured, all potential Ethereum forked tokens, including PoW forks, will undergo the same strict listing review process as applied to any other asset listed on our exchange. “, Coinbase added.
It is well known that exchanges can and will take as long as they want to list forked assets and some trading platforms have never offered support for specific crypto forks. Coinbase made similar decisions when forking Ethereum Classic and Bitcoin Cash. Cryptocurrency veterans also know that holding fork-prone assets in a non-conservative manner is the best way to ensure that you will get a forked crypto asset, should a blockchain split occur.
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Coinbase Reveals It Will “Evaluate Any ETH Fork Token Post-Merger”
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