A portion of the crypto community anticipates the introduction of a proof of work chain alongside the new proof of stake chain. However, the probabilities of the proof of work chain succeeding are now exceedingly uncertain. After Merge, there is a significant probability that ETH miners will switch to Ethereum Classic (ETC). Also, it will be interesting to see how the price of ETC develops after September 15.
The previous proof of work will continue to exist after the main Ethereum network ‘Merges’ with the Beacon Chain. Additionally, individuals might continue to exchange the old currency linked with evidence of labor.
And there would be no end to the exchange of the old currency. In addition, miners would optimize their mining of the old currency prior to its transition to the new mechanism. The potential for a hard split of the Ethereum blockchain would include several disadvantages. It might generate significant misunderstanding and future technology concerns.
Those who desire to remain on the forthcoming proof-of-stake chain will be carried forward by default. After the Merge, all old ETH currencies held by traders would be operating on the new consensus process.
Meanwhile, the cryptocurrency exchange Poloniex is already prepared for Ethereum hard fork trading. It has facilitated the trading of probable splits of ETH. For Poloniex clients, a switching option between ETH and the possibly forked tokens is available.
“Poloniex has permitted trading in future ETH forks, ETHS (ETH2) and ETHW (ETH1), as well as listed TRON-based ETHS and ETHW. Prior to the formal ETH 2.0 upgrade, ETH holders on Poloniex may visit the swap page and exchange their ETH for ETHS [IOU] and ETHW [IOU] at a 1:1 ratio.
Since June of this year, ETH’s capitalization portion of the cryptocurrency market has increased significantly. Currently, cryptocurrency represents around 20% of the market capitalization.
In contrast, Bitcoin’s market share has been declining in recent years. ETH’s market share is 19.48%, whereas Bitcoin’s is 38.88%. According to the price tracker CoinMarketCap, the current price of Ethereum is $1,555, up 0.29% in the previous 24 hours.
Currently, the price of Ethereum Classic is $31.93, a decrease of 1.13% over the last 24 hours. However, if Ethereum’s transition to a proof-of-stake system has problems, ETC might see considerable demand.