Justin Sun, the founder of TRON, commented on one of the most hotly debated topics in cryptocurrency on Thursday, saying he would give some ETH fork to the community to support the expansion of the Proof-of-Work Ethereum ecosystem.
In relation to the TRON Reserve DAO, he tweeted,
"We currently have more over 1 million #ETH." "We will distribute some forked #ETHW to the #ETHW community and developers to strengthen the #ethereum ecosystem if the #Ethereum hard fork succeeds." Just under 1% of the overall circulating quantity is represented by 1 million ETH.
In 2018, Justin Sun introduced TRON, which is commonly referred to as an Ethereum clone (TRON was accused of copying the Ethereum whitepaper). Sun is known to invest a sizeable percentage of his wealth in the Ethereum ecosystem, nevertheless.
He possesses a large number of extremely valuable Ethereum NFTs and has previously been observed moving millions of dollars in and out of Ethereum DeFi.
After sharing a blog post indicating that it would support any prospective Ethereum hardfork tokens, Sun published his post. From an excerpt:
“Poloniex will give full support to ETH’s upgrade and its potential hard fork. If successful, the Merge could create two parallel blockchains after the upgrade. All Ethereum (ETH) holders on Poloniex will receive the forked assets at a 1:1 ratio when the upgrade is completed.”
Before the Merge, Poloniex said it will publish two hypothetical hardfork tokens named ETHS and ETHW, which stand for Proof-of-Stake and Proof-of-Work, respectively, and allow users to swap them for ETH at a 1:1 ratio.
Additionally, it stated that it would tolerate several Proof-of-Work forks, but if many Proof-of-Stake chains were to start up, ETHS would be changed to ETH.
Possibly a Proof-of-Work As the network's historic "Merge" event approaches, the Ethereum schism has become a hot subject in the cryptocurrency industry in recent weeks.
When the Merge is complete, Ethereum will switch to Proof-of-Stake and depend on validators to reach consensus, effectively rendering Proof-of-Work miners obsolete.
For this reason, a large portion of the community is eager to fork the present Ethereum version. Chandler Gou, a well-known Chinese miner and early ETH investor who assisted with the Ethereum Classic fork back in 2016, is one of the strongest supporters of the hardfork scheme, called "ETHPOW." Gou also assisted with the Ethereum Classic fork in 2016.
Although there is disagreement on both sides as to whether a fork will occur, new speculation indicates that it is becoming more and more plausible.
When Bitcoin Cash launched in 2017, early ETH holders received BCH, and if a Proof-of-Work fork succeeds, ETH holders may receive a dividend in the form of an airdrop, similar to how early ETH holders received ETC in 2016.
The market's rising belief that the Merge will shortly ship is also highlighted by the increased debates regarding ETHPOW.
The update's final testnet is expected to go live in the next days, while the Merge itself won't happen until around the middle of September.