Poloniex, led by Justin Sun, has announced that it would support the next Ethereum split (ETHW)

The cryptocurrency exchange known as Poloniex recently made a statement stating that it will begin supporting the ETHW starting the next week.

The long-awaited update to Ethereum known as the Merge is getting closer to being implemented. Once it does, Ethereum will finally make the switch from using the Proof of Work (PoW) method to the Proof of Stake (PoS) model. The Proof-of-Work concept enables miners to generate new Ether by using massive amounts of processing power to solve difficult mathematical problems; nevertheless, this methodology is not environmentally friendly. On the other side, the PoS would generate new ETH by staking or committing a substantial amount of already existing ETH. This would be how it created new ETH. Because of this, mining the asset would be very difficult, if not impossible.

Because of this, Chandler Guo, a notable Chinese cryptocurrency miner, has vehemently opposed the Ethereum Merge and has made public his plan to split the Ethereum network. This will result in the creation of a separate Proof-of-Work version of the network. A portion of the Ethereum community has expressed their approval over this choice. The Ethereum Proof of Work project has a Twitter account, and that account makes the claim that they have received 83 contributions, free servers, AWS credits, and volunteer engineers and designers.

The Ethereum PoW Forked Token Will Be Supported on the Poloniex Exchange.

The cryptocurrency exchange known as Poloniex recently made a statement stating that it will begin supporting the ETHW starting the next week.

It is anticipated that the Ethereum Merge will take place in September of 2022. Poloniex was the first cryptocurrency exchange in the world to offer ETH, and it has now become the first exchange to support the possible forking of ETH by listing two possibly forked ETH tokens: ETHS and ETHW, according to an announcement made by Poloniex Exchange.

Poloniex has recently announced that it would enable users to trade ETH for ETHW as well as ETHW for ETH at a one-to-one ratio. This feature will allow users to trade ETH for ETHW and ETHW for ETH. The cryptocurrency trading platform further revealed in a blog post that it would be listing ETHS, a token that is forecasted to exist in the event that the Merge is successful. In another part of the blog article, it is stated that after the merger, all of the ETHS would be updated and converted into ETH. In addition, the ETHW market and any connected markets will be removed from the exchange’s platform in the event that the Ethereum network split is unsuccessful.

Justin Sun, the inventor of the Tron Network and a big investor in Poloniex, has shown his support for the split since he is of the opinion that the Proof-of-Work was an extremely significant factor in the development of Ethereum. Additionally, he said that he had one million ETH. Because of this, he intends to provide some ETHW to the community and the devs in order to ensure that the Ethereum environment is maintained in the event that the split is successful.

According to Sun, “We have watched the consensus mechanism of [proof of work] as a fundamental driver driving the spread of [the] Ethereum ecosystem, and we are prepared to continue to support the development of the community.”

There is no denying the striking similarities between his Tron network and Ethereum’s, and at one time, the whitepaper for Tron was investigated for possible instances of plagiarism.

The Huobi exchange is another company that has reportedly shown an interest in sponsoring the ETHW.

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