Coinbase, a famous American cryptocurrency exchange, has announced it will consider listing the forked Ethereum token for the proof-of-work model, ETHW, on its platform after the PoS merge.
As Ethereum gears up for its next phase, The Merge, crypto miners are in distress because the new upgrade will take away their role and force them to move to other blockchains.
The Merge is basically a transition to proof-of-stake where instead of creating new tokens, the existing tokens are staked via validators to approve transactions. So, miners don’t need to mine.
As a result of this upcoming merge, a famous Chinese miner, Chandler Guo plans on creating a forked Ethereum called ETHW by splitting the Ethereum blockchain into two, with one PoS and another PoW.
Coinbase exchange has announced they might list ETHW on their platform to enable miners to mine the forked Ethereum. The company is currently observing how the token performs once PoS is deployed.
Vitalik Buterin, the co-founder of Ethereum, believes the forked token is just a way for exchanges to make money but for miners, it’s important because they will be at a loss once the merge happens.
Other than Coinbase, Huobi, BitMEX, Bitrue, and Poloniex have already listed ETHW and its related products on their exchange platform. Binance is still considering the possibility.