Experts talked about what chances of development the old version of the Ethereum blockchain can get if there is a split of the network
The Ethereum blockchain upgrade to version 2.0, also known as The Merge, is scheduled for mid-September this year. This update will mean the integration of the Beacon Chain and the main Ethereum network, which are now working separately from each other. The “merger” will complete the use of the Proof-of-Work algorithm in Ethereum and begin the era of the new Ethereum technology based on the Proof-of-Stake algorithm used in the Beacon Chain.
The main difference between the new version of PoS and the old PoW is that in order to maintain the operation of the PoS network, miners who ensure the security of the system and mine new coins in the current version of the blockchain are not needed. The operability of the new network will be provided by holders of digital coins who receive remuneration for this. This process is called stacking.
The crypto community assumes that after the Ethereum update in September, a hard fork (network bifurcation) may occur. In this case, 2 parallel blockchains will arise, one of which will work on the PoW algorithm, and the second will remain on PoS.
In case of a split, each network will have its own version of the Ethereum token.
ETS will represent the version of the new PoS chain, and the ETHW token will represent the PoW chain. Crypto platforms such as Poloniex, MEXC, BitMEX have already announced support for both versions of the network and their tokens if a hard fork happens.
Experts shared with RBC-Crypto their opinions on the prospects of the PoW version of the Ethereum network, which may arise when updating the blockchain