NewsletterEthereum Merge Gets Its Strongest Endorsement Yet Against Hard Forks
The date for Ethereum Merge is fast approaching. While many experts believe the Merge to be a massive bullish event, concerns regarding the hard forks post-merge are becoming an increasingly important issue.
However, Chainlink (LINK) will only support the Proof of Stake consensus layer post-merge.
Chainlink is a leading crypto company that provides smart contract tools. Its strong endorsement can dissuade any potential hard forks.
Chainlink Supports The Ethereum Merge
Ethereum currently uses Proof of Work as its consensus mechanism. However, due to the energy inefficiency and wastage involved with the Proof of Work, Ethereum decided to shift its consensus mechanism from Proof of Work to Proof of Stake.
The Ethereum Merge will replace the miners in the Proof of Work system with validators in the Proof of Stake system. As a result, there are concerns that the miners would hard fork the Ethereum blockchain. Kevin Zhou of Galois Capital revealed that he expects at least three Ethereum hard forks.
However, in a blog post released by Chainlink, the company has made it clear that it only supports the PoS layer of Ethereum. It also explicitly states that any hard forks of Ethereum will not be supported. Chainlink highlights the community decision taken by Ethereum to move to Proof of Stake and states that it stands by it.
Chainlink also advises smart contracts to pause their operations if they do not have a clear migration strategy post-merge.
Support Around Hard Forks Split
The issue of hard forks is becoming increasingly important as the date for the merge approaches. Justin Sun, the founder of Tron and Poloniex Exchange, revealed that he supports any hard forks of the Ethereum blockchain.
In response, Vitalik Buterin, the founder of Ethereum took a dig at him for trying to make a quick buck. Barry Silbert, the founder of Digital Currency Group, has expressed his support for Ethereum and Ethereum Classic. He also states that he will not support any hard forks after the Merge.
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