The founder and former chief executive of smart contract platform Tron (TRX) is reportedly saying that his crypto exchange will support all future forked Ethereum (ETH) tokens.
According to a new report by Bloomberg, Sun says that Poloniex, a crypto exchange he heavily backed in 2019, will list any proof of work versions of Ethereum following The Merge.
“Proof-of-work is essential to Ethereum [because it is very reliable]. For [a] proof-of-stake smart platform, we have Tron.”
Sun is referring to Ethereum’s upcoming merge to its Beacon Chain and transition to a proof-of-stake consensus model, which has triggered talks of a potential fork to proof-of-work afterward by those in the ecosystem who disagree with the change.
According to Sun, there’s nothing wrong with preserving ETH’s proof-of-work system despite the benefits a proof-of-stake consensus mechanism can provide.
“As the founder of a proof-of-stake blockchain, I believe that proof-of-work has its own unique value. In fact, we may have underestimated the value of Ethereum as the only proof-of-work smart contract blockchain.
As a whale with over one million ETH, I will make a lot of money switching to proof-of-stake (proof-of-stake is obviously more friendly to ETH holders) but I think to some extent that the Ether community may underestimate how much proof-of-work [has] contributed to Ethereum as the core consensus mechanism.
It is risky for Ethereum to move completely from proof of work to proof of stake, and I don’t think there is anything wrong with preserving the proof-of-work chain for [the] Ethereum community.”
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/wacomka/Natalia Siiatovskaia
