The public chain project Conflux launched the CIP-102 community proposal on the Conflux official forum on the 10th, hoping to change the PoW mining algorithm of Conflux to Ethash. The motivation is to make it easier and easier for Ethereum miners to switch computing power to Conflux, but the rationale, test cases, implementation and other specific details of the proposal are still pending.
Conflux launches CIP-102 community proposal
Introduction to Conflux
According to Conflux, Conflux advertises itself as the only compliant, open, and public blockchain in China. Conflux is building a borderless transaction and technology ecosystem for cryptocurrency projects with a global perspective, extending from China to North America and Russia, Latin America, Europe, Africa, and the rest of the world.
Conflux’s official website mentions that Conflux has five principles, including openness, inclusiveness, public ownership, transparency, and decentralization. At present, Conflux related ecosystems include Sushiswap, DODO, Pancakeswap, Binance, Gate.io, Chainlink, Waves, etc., as well as the decentralized exchange Moonswap.
The token economy of Conflux is built around the CFX token. CFX token holders can use it to pay transaction fees, and can get CFX token rewards by staking, renting storage, and participating in network governance. CFX is also used to reward those miners who ensure the safe operation of the network.
According to Coinmarketcap data, CFX is currently the 182nd largest cryptocurrency by market value, with a market value of $129 million, and its current price is $0.06193.
Ethereum miners seek mining alternatives
According to previous reports, Goerli, the last test network of Ethereum, completed the merger yesterday, and the developers of Ethereum also agreed yesterday that the merger of the Ethereum main network will be launched on September 15th or 16th. After the merger, Ethereum will start from PoW. Transitioning to a PoS consensus mechanism, Ethereum miners are actively seeking mining alternatives as the merger is imminent.
Bao Erye and others, an old player in the Chinese currency circle, have recently vigorously advocated the fork of Ethereum on social media. He advocated that the miners’ computing power should be preserved, those who play PoS should play PoS, and those who play PoW should continue to play PoW. The market value of POWETH after the fork will be higher than that of ETC and reach 1/3 to 1/10 of the market value of Ethereum.
In response, Ethereum co-founder Vitalik Buterin said this week that he expects the potential Ethereum PoW fork to be unlikely to gain mass, long-term adoption, believing that the vast majority of the Ethereum community supports PoS mergers, and he also secretly approves of these Most of the people pushing the fork just want to make quick money.
ETC Cooperative, a public charity fund focused on supporting the development of the ETC ecosystem, published an open letter to Bao Erye on the 8th, pointing out that the implementation of the fork is difficult, calling on Bao Erye to abandon the ETH PoW fork, and suggesting that Ethereum miners should be transferred to ETC, to maximize long-term revenue.
Post time: Sep-09-2022