Chainlink refuses to support potential Ethereum forks
August 8, 2022
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Developers of the decentralized oracle network Chainlink will not support potential Ethereum forks in the Proof-of-Work (PoW) algorithm after the mainnet is merged with Beacon Chain. “This is
Developers of the decentralized oracle network Chainlink will not support potential Ethereum forks in the Proof-of-Work (PoW) algorithm after the mainnet is merged with Beacon Chain.
“This is consistent with both the Ethereum Foundation’s decision and the social consensus decision of the wider community to upgrade the Ethereum blockchain to Proof-of-Stake (PoS) consensus,” the post states.
The team made sure that the protocol and its services will continue to work during and after Ethereum’s transition to PoS, which is scheduled for September.
Chainlink advised Ethereum developers “I’m not sure about the migration strategy” and dapps Suspend transactions on smart contracts. This will help prevent unforeseen events and protect end users.
“Decentralized applications running on Ethereum forks, including PoW versions, can behave unexpectedly due to issues at both the protocol and dapps levels, increasing the risk for users,” the team says.
Chainlink experts noted that app developers should ensure that all external dependencies on which their smart contracts are based are working properly before and after Merging.
Recall that Ethereum co-founder Vitalik Buterin acknowledged that the blockchain will face controversial hard forks in the next five to ten years. According to him, stablecoin issuers such as Tether (USDT) and USD Coin (USDC) will determine the fate of new chains.
Poloniex exchange announced support for the alleged Ethereum PoW fork and listed potential ETHS and ETHW tokens.
On the contrary, the Frax Finance project team suggested that the community refuse to launch the FRAX algorithmic stablecoin on possible PoW branches of the blockchain.
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