If Ethereum is transferred to POS, does ETC have a chance?
Editor's Note: This article comes fromGyro Finance (ID: tuolocaijing)Editor's Note: This article comes from
, author: A Fat Cat Jun, Guo Yuzhi, released with authorization.
As the second largest cryptocurrency project by market value, Ethereum has always received a lot of attention. According to the plan, if Ethereum is upgraded to ETH2.0, the consensus mechanism will switch from POW to POS. This transformation of Ethereum is also considered by some to be a new opportunity for the encryption market. So, if ETH is transferred to POS, what possible impacts will it have on the encryption market?
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Some Twitter users believe that the ETH 2.0 to POS consensus mechanism will lead to community division. Although the POS mechanism helps to improve the scalability of the chain, it may not be able to get the unanimous support of the entire community,
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Twitter users: ETH to POS will lead to a fork, miners will switch to ETC instead of the new chain
Ethereum Developer: When ETH goes to PoS, ETC will become the largest PoW Ethereum mining chain
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Twitter Small Sample Survey
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Which project does ETH computing power turn to, does ETC have a chance?
Miner groups and mining machine manufacturers are probably the ones who have done the most research on mining and computing power. After ETH is converted to POS, which project is the most likely to transfer computing power to? Guo Yuzhi, director of operations of Panda Mining Machine and Niubit, said to Gyro Finance:
There are still about two years before ETH is completely converted to POS. It is hard to say whether a phenomenal graphics card mining project can be launched to take over the market during this period. If there is no phenomenon-level project like Ethereum, in the future, as the progress of ETH to POS is gradually deepened, the growth rate of graphics card mining computing power may slow down, or even decline, while the stock graphics card mining computing power It will be divided by many second- and third-tier small currencies.
From the perspective of mining machine manufacturers, Guo Yuzhi carefully analyzed what kind of projects can get the support of miners.
Throughout the digital currency mining market, a large number of currencies based on the POW mechanism have emerged over the years. According to the characteristics of mining equipment, they can be simply divided into the following two categories:
ASIC mining currency
BTC series (including BTC, BCH, BSV), the mining equipment is an Asic mining machine based on the SHA-256 algorithm;
ASIC mining machines with unique algorithms: LTC, ZEC, DASH, DCR, Grin (partial asic), etc.
GPU (graphics card) mining currency
Ethereum system (mainly ETH, ETC has declined), mainly GPU mining machines;
Other GPU mining currencies: Grin, Beam, XMR, AE and other small currencies.
Among them, Bitcoin and Ethereum, as the top two cryptocurrencies by market capitalization, are in absolute leading positions in their respective categories, firmly occupying the vast majority of mining resources.
After years of development, Bitcoin and Ethereum have become two phenomenal applications in the blockchain world (Bitcoin is the safest and most reliable decentralized digital currency; Ethereum is a decentralized world computer, for intelligent The operation of the contract provides the conditions), and each proved its development potential and reliable target vision; because of this, Bitcoin and Ethereum can obtain a strong consensus in the market and a market value of hundreds of billions of dollars (Bitcoin The market value of Bitcoin is 180 billion US dollars, and the market value of ETH is 20 billion US dollars). Such a high market value has supported a large number of miners and created the current huge mining market, and the addition of miners in turn empowers and assigns value to it.
Therefore, there are some necessary prerequisites for a currency to gain the support of the majority of miners:
In line with the core value of the blockchain world: sufficient decentralization;
It must be able to prove that the project’s own development goals are long-term and reliable, and it has a large enough market potential;
The algorithm and consensus mechanism are reliable and stable, and there must be a benign mining incentive mechanism;
Long-term stable rise in market value performance and so on.
Ethereum occupies an absolute leading position in the graphics card mining market. Such a huge computing power cannot be undertaken by a small currency in the current market alone. Although in the current graphics card mining market in the past two years, some distinctive new currencies such as Grin, Beam, RVN, AE, etc. have emerged, and new graphics card mining currencies are constantly being born.
However, Guo Yuzhi believes that currently no currency has the ability or potential to reach the phenomenon level of Ethereum in the pure graphics card mining market.
ETC upgrades to catch up with Ethereum?
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bitinfocharts: ETH is more than 15 times the computing power of ETC's entire network
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bitinfocharts: In the past three months, the computing power of the ETC network has risen slightly
The rise of ETC this round may be related to the expectation of the fork upgrade. On September 12, ETC will usher in an upgrade called "Atlantis", and there will be an upgrade for performance improvement at the end of the year. According to media reports, the ETC community believes that after the Atlantis fork of ETC, the network performance will be comparable to that of ETH.
