Cryptocurrency exchange Huobi Global informs its clients that if an Ethereum (ETH) hard fork were to create two new blockchains, the new assets would be compatible. However, the eligibility conditions are specified and the platform specifies that it does not encourage this type of event.
Huobi will accept assets from potential Ethereum hard forks under certain conditions
The cryptocurrency exchange platform world huobi responded to its users about a possible hard fork of Ethereum (ETH). In fact, while The Merge is expected on September 19, part of the community is wondering about the possibility of two blockchains that would come into existence. This could happen if a part of the miners decides to continue producing blocks on the proof-of-work (PoW) chain.
In the case of a hard fork, where both chains would continue to operate, an investor would end up with as many assets on one chain as the other, as if they had been cloned.
While an Ethereum PoW is unlikely have some future after the switch to proof of stake (PoS), Huobi still claimed that the exchange would back the assets of a hard fork. However, they will have to meet certain requirements.
For example, players who wish to proceed with such an operation will need to make themselves known to Huobi Global prior to the hard fork. Also, a new chain should not be made. absorb or be eliminated by the other. The two blockchains must also be distinct, as is the case with Ethereum and Ethereum Classic (ETC) in particular.
All these elements are valid for ETH, but also for other assets, present in the current blockchain and that could follow.
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interest in platforms
When such events occur, it is in the interest of the platforms list of created assets. We recently had the case of LUNA and LUNC after the collapse of the Terra ecosystem. If an exchange does not recognize the cryptocurrencies of a hard fork, while its competitors do, the trust of its customers would take a hit.
However, Huobi Global advises against cases of hard forks without technological interesteven if she sides with the community:
“However, we do not encourage hard forks without tangible innovation and improvement, and we oppose any form of pre-mining behavior. These unhelpful behaviors will lead to community divergence, industry confusion, and user misunderstanding. »
Again, nothing is less certain about the future of a hypothetical post-merger PoW version of Ethereum. Most players in the ecosystem in fact they are looking to the future. In spite of everything, these declarations will have the merit of calm down a bit people expressing concerns about a possible failure to switch to Proof-of-Stake.
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Source: Huobi Global
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