Hardware wallets will take a similar approach to Ethereum's potential hard fork
Forked coins have proven to be lucrative in the past. Ethereum holders came to own an equivalent amount of Ethereum Classic when it forked in 2016.
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The Ethereum blockchain merger is expected to take place around 5:05 UTC on September 15th. This is a significant milestone that marks a full transition to proof-of-stake for Ethereum and eliminates the need for energy-intensive mining by a projected 99.9% over proof-of-work ( PoW).
Some miners are also preparing for a hard fork that would allow them to continue using consensus PoW. Forked coins have proven lucrative in the past. Ether (ETH) holders, for example, came to own an equivalent amount of Ethereum Classic (ETC) when it forked in 2016.
In the event of a new hard fork, in which the Ethereum blockchain splits into two different networks, users holding ETH on the chain would have an equal balance of ETHPoW (ETHW) on the forked chain. It would be an additional token and a totally different asset to ETH.
For ETH holders using hard wallets, the question is simpler: what would happen to your tokens if a fork follows the merger? We have prepared some answers to this question so that you are not lost or trapped in a scam in the hours to come.
Most hard wallet providers take the same approach: monitor adoption on the new chain as well as the forked chain before adding ETHPoW support. They also indicate that users do not need to take any action during the upgrade.
Charles Guillemet, head of security at secure wallet provider Ledger, told Cointelegraph: "In the event of a fork, the first thing everyone needs to know is that any assets the user currently owns on the mainnet are safe," adding that the company "will not be supporting an ETH proof-of-work fork on Day 1, as there are a number of technical aspects that need to be assessed to ensure that it is is safe for users, the main thing being to make sure that the new chain is secure".
Similarly, Josef Tětek, Bitcoin Analyst at Trezor, said: "Trezor Suite will not support interaction with pre-merger proof-of-work coins post-merger, but users can still use their Trezor with a third party interface like MetaMask to access the old version...
Forked coins have proven to be lucrative in the past. Ethereum holders came to own an equivalent amount of Ethereum Classic when it forked in 2016.
New
The Ethereum blockchain merger is expected to take place around 5:05 UTC on September 15th. This is a significant milestone that marks a full transition to proof-of-stake for Ethereum and eliminates the need for energy-intensive mining by a projected 99.9% over proof-of-work ( PoW).
Some miners are also preparing for a hard fork that would allow them to continue using consensus PoW. Forked coins have proven lucrative in the past. Ether (ETH) holders, for example, came to own an equivalent amount of Ethereum Classic (ETC) when it forked in 2016.
In the event of a new hard fork, in which the Ethereum blockchain splits into two different networks, users holding ETH on the chain would have an equal balance of ETHPoW (ETHW) on the forked chain. It would be an additional token and a totally different asset to ETH.
For ETH holders using hard wallets, the question is simpler: what would happen to your tokens if a fork follows the merger? We have prepared some answers to this question so that you are not lost or trapped in a scam in the hours to come.
Most hard wallet providers take the same approach: monitor adoption on the new chain as well as the forked chain before adding ETHPoW support. They also indicate that users do not need to take any action during the upgrade.
Charles Guillemet, head of security at secure wallet provider Ledger, told Cointelegraph: "In the event of a fork, the first thing everyone needs to know is that any assets the user currently owns on the mainnet are safe," adding that the company "will not be supporting an ETH proof-of-work fork on Day 1, as there are a number of technical aspects that need to be assessed to ensure that it is is safe for users, the main thing being to make sure that the new chain is secure".
Similarly, Josef Tětek, Bitcoin Analyst at Trezor, said: "Trezor Suite will not support interaction with pre-merger proof-of-work coins post-merger, but users can still use their Trezor with a third party interface like MetaMask to access the old version...
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