BitCoke Resolutely Supports Ethereum PoW Hard-fork to Protect Decentralization
As Ethereum PoS “Merge” looms, PoW miners has proposed multiples hard-forks to maintain the current PoW Ethereum, which has caused repercussion across crypto industry. As to Ethereum hard fork, BitCoke officially give full support, believing that it is the defense of Satoshi’s blockchain spirit. BitCoke’s stance is as follows:
- POW is the only consensus mechanism proven to be fully decentralized and stable so far by years of practical operation. All exisiting POS blockchains have encountered security or outage problems, mainly because POS systems rely on centralized nodes to verify transactions or execute smart contract . It’s the L1 POW mechanism that separate ETH from other POS chains. Mirgrating to POS will make Ethereum lose its biggest advantages: absolute security and stability, hence making it degerated to the same camp as other POS chains, in pursuit of ever great speed and low-cost.
- Security and stability are the cornerstone of the public blockchain. Efficiency should not be the only goal pursued by blockchains. Many adoption scenarios cherish security and stability over TPS, especially for lending and staking protocol. Apart from POS, there are many soluations to improve the efficiency of curent POW Ethereum, such as Layer2.
- POW has value base supported by electricity and mining hardware. POW is a heavy asset investment in essence while POS is a pure financial staking scheme with no real value support.
That said, BitCoke has three official plans to actively support and participate in the hard fork:
- BitCoke Exchange will support all Ethereum hard fork tokens, and the BitCoke Ethereum mine will carry out the hard fork with other miners.
- BitCoke will support hardfork token perpetual contract (launches ETHF and ETHW on August 19) to provide liquidity.
- BitCoke believes that hard fork tokens are significantly undervalued, with the potential to go beyound $1000, half of ETH’s current market cap
BitCoke believe that hard-fork Ethereum is the right path to preserve true Ethereum merits. Even if almost all leading dapp & protocol builts, including stablecoins, oracles, dex, lending protocls, has publicly favored ETH-PoS, we’re still firmly convinced that Pow backed Ethereum has its own strong and irreplaceable advantages over PoS.