Why did Justin Sun support Ethereum fork?
"It's going to be a major test, bigger than anything we've done before."
At the ETH Shanghai Web 3.0 Developer Summit in May 2022, Vitalik Buterin (commonly known as V God) announced that the merger and upgrade of Ethereum has been put on the agenda, and then the Ethereum network announced that it is expected to In September 2022, the ETH 2.0 hard fork protocol upgrade will begin.
As the world's largest application chain, Ethereum 2.0 is finally coming, and Sun Yuchen, who must follow every heat, is naturally not absent this time.
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POW or POS? respect for community voices
"Combine the existing large-scale test network with many applications with proof-of-work and move to proof-of-stake." At the Ethereum Shanghai Summit, V God explained that this shift will be a major change for the entire Ethereum ecosystem. Test, and PoW to PoS seems to have become the general trend, but there are also countless controversies and risks.
As the largest chain that condenses the consensus of countless people, every change will not be smooth sailing. From The DAO incident, Parity wallet incident, to the current DeFi hacking incident, Ethereum has grown in crisis after crisis. This merger and upgrade of Ethereum is an innovation and an adventure. This is a big adventure involving an ecology worth hundreds of billions of dollars, tens of millions of users and developers, and the strongest public chain in the blockchain.
If Ethereum wants to further improve its performance, it is an irresistible direction to switch from PoW to PoS. Even though this road is full of uncertainties, it is still worth trying. No matter how the community chooses the result of this fork, it is an improvement for the ecological development of Ethereum. Justin Sun and Poloniex will fully support every innovation of the Ethereum ecosystem and respect the choices and voices of different communities. Sun Yuchen said that he will not stand for any forked group, no matter what the result is, it is the choice of the community. After the fork, if other PoW fork chains are born, they will also be supported.
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Exchange Leader Tron Poloniex Fires the First Shot in Support of Ethereum Merger and Upgrade
In terms of supporting the Ethereum ecosystem, Tron Poloniex is at the forefront of many exchanges, and is the first centralized exchange in the world to support upgrades and potential forks. As an established overseas exchange, TRON Poloniex is the first trading platform in the world to launch the Ethereum market and support the fork of Ethereum Classic. Therefore, it is not difficult to understand that TRON Poloniex has become the main position for Sun Yuchen to empower Ethereum this time. .
On August 7th, Poloniex took the lead in launching ETH and two potential bifurcation futures tokens ETHS and ETHW (representing the two bifurcation directions of fully converting to PoS consensus algorithm chain tokens and continuing to use PoW consensus algorithm chain tokens, respectively). It is the first in the world to use the exchange function and open the transaction.
As a veteran top exchange, TRON Poloniex has always insisted on its position as the industry leader. In 2014, it was the first to launch currency trading. It was also one of the earliest exchanges to list USDT and ETH, as well as altcoins such as ETC, ZEC and AMP. one. In June 2022, Poloniex was acquired by Justin Sun, the founder of TRON. After the acquisition, the pace of development has been accelerated. On August 1, 2022, TRON Poloniex officially released a fully upgraded new trading system, which has been greatly optimized in terms of performance, stability and user experience, and has raised the TRON Poloniex trading system to the first-line level.
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Relying on the TRON public chain, transparent and sufficient reserves, the TRON chain ETHS and ETHW are more reliable
Whether as an evangelist of the concept of decentralization or a pioneer in the encrypted asset industry, Justin Sun's spare no effort to support the Ethereum ecosystem is reasonable. He hopes to respect the free choice of the community with a neutral attitude and do well for every outcome. preparedness, risk reduction, and assurance of practitioner and user interests. Based on this, Poloniex, which works closely with the TRON ecosystem, announced again on August 8 that it will issue ETHS and ETHW based on the TRON public chain.
The TRON Poloniex announcement stated that the TRON Poloniex reserve address has a full amount of ETH publicity inspection to ensure that ETHS and ETHW tokens have no risk of additional issuance and are transparent and credible. This makes the TRON version of ETHS and ETHW more reliable than other purely hyped air coins of the same name.
As Sun Yuchen's main support for the Ethereum fork, TRON Poloniex once again came under the spotlight. According to the executives of TRON Poloniex, the launch of TRON chains ETHS and ETHW enables tokens to be circulated on different trading platforms, realizes the free circulation of currency during the Ethereum fork period, and further reduces the threshold for user participation. This can effectively increase market liquidity and transaction activity, thereby handing over pricing power to the market and further promoting value discovery.
