Ethereum co-founder Vitalik Buterin believes Ethereum will not be significantly harmed by another fork. He has been downplaying the potential effect of any future hard forks on the cryptocurrency. The much-anticipated Merge – migration of the Ethereum blockchain to a proof-of-stake (PoS) system is to take place next month. This will make the network cheaper, quicker, and more ecologically friendly.
Moreover, the Merge is set to act as an event catalyst that is likely to transform Ethereum into a global institutional-grade asset. However, the transition will lead to the loss of a source of revenue for Ethereum miners. They are currently rewarded for their efforts with Ether tokens. Miners have already created more than $620 million worth of Ether in July.
Buterin says the proponents of the proof-of-work (PoW) consensus architecture moved their attention to Ethereum Classic when the network was launched in 2016. It was clear at that time that Ethereum would switch to PoS, and Ethereum Classic would not. Buterin believes Ethereum Classic has a superior community and a superior product for people with those pro-proof-of-work values and preferences. He noted that nearly everyone in the Ethereum ecosystem is supportive of the move to proof-of-stake validation and is quite united.
Price increase in Ethereum Classic would be triggered by a movement of Ether miners as the Merge gets closer. The present hash rate allocated to Ethereum is expected to migrate over to the ETC network. This will happen after the upgrade.