Tron Founder Justin Sun Says His Crypto Exchange Poloniex Will
According to a new report by Bloomberg, Sun says that Poloniex, a crypto exchange he heavily backed in 2019, will list any proof of work versions of Ethereum following The Merge.
“Proof-of-work is essential to Ethereum [because it is very reliable]. For [a] proof-of-stake smart platform, we have Tron.”
Sun is referring to Ethereum’s upcoming merge to its Beacon Chain and transition to a proof-of-stake consensus model, which has triggered talks of a potential fork to proof-of-work afterward by those in the ecosystem who disagree with the change.
According to Sun, there’s nothing wrong with preserving ETH’s proof-of-work system despite the benefits a proof-of-stake consensus mechanism can provide.
“As the founder of a proof-of-stake blockchain, I believe that proof-of-work has its own unique value. In fact, we may have underestimated the value of Ethereum as the only proof-of-work smart contract blockchain.
As a whale with over one million ETH, I will make a lot of money switching to proof-of-stake (proof-of-stake is obviously more friendly to ETH holders) but I think to some extent that the Ether community may underestimate how much proof-of-work [has] contributed to Ethereum as the core consensus mechanism.
It is risky for Ethereum to move completely from proof of work to proof of stake, and I don’t think there is anything wrong with preserving the proof-of-work chain for [the] Ethereum community.”
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