News31 August 2022

Possible reasons why the Ethereum hardfork won't be popular

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Insufficient Oracle support, the minimal activity of Ethereum Classic developers, and a lot of competitors in the Proof-of-work arena, all this can overshadow the popularity of the hardfork.

The second cryptocurrency on the market even more recently became a victim of its own success in 2021. The transaction price then crossed an unimaginable $50. This is one of the examples that show the need to change some operating principles.

Many people had been buoyed by the ability to get NFT for free when switching to a new network, as well as other perks, but when the resistance at the $2,000 price point proved quite stiff...

It made everyone feel that the actual value of forks was a bit overstated and that the free lures weren't worth the possible loss of capital.

Decentralized applications also move beyond their transactional facilitation, offering interaction with external data and off-chain computation. This is where Blockchain Oracle, which does not support fork, comes into play.

Consequently, DApps will encourage users to opt-out of token forks. Investors are starting to realize that DApps and stablecoins will not support forked circuits, which means that "free" tokens and NFTs are less likely to be accepted in markets and in leading DeFi applications.

We are certainly not claiming that this merger will be a failure or a success, just making arguments one way or the other. After the move to proof-of-stake, there will be many good things that will really make the lives of users and even the environment - better.

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