Tuesday, June 18, 2024
20.2 C
HomeReportsTron founder Justin Sun says his crypto exchange Poloniex will support all...

Tron founder Justin Sun says his crypto exchange Poloniex will support all future Ethereum cryptocurrencies

The founder and former CEO of smart contract platform Tron (TRX) reportedly says that his crypto exchange will support all cryptocurrencies in the future, Ethereum (ETH).

According to a new report from Bloomberg, Sun says that Poloniex, a crypto exchange it was heavily supportive of in 2019, will list any evidence of working versions of Ethereum after The Merge.

“Proof of Work is essential for Ethereum [because it is so reliable]. For a smart Proof of Stake platform, we have Tron.”

Sun is pointing to Ethereum’s upcoming merger with the Beacon Chain and the move to a consensus Proof of Stake model, sparking talks about a potential Proof of Work fork next by those in the ecosystem who disagree with the change.

According to Sun, there is nothing wrong with maintaining ETH’s Proof of Work system despite the benefits that the Proof of Stake consensus mechanism can provide.

“As the founder of the Proof of Stake blockchain, I believe that Proof of Work has its own unique value. In fact, we may have undervalued Ethereum as the only Proof of Work smart contract blockchain.

As a whale with over 1M ETH, I would make a lot of money switching to Proof of Stake (Proof of Stake is obviously more suitable for Ethereum owners) but I do think somewhat the Ether community might underestimate how a lot of Proof of Work [has] contributed to Ethereum as a basic consensus mechanism.

It is dangerous for Ethereum to go completely from Proof of Work to Proof of Stake, and I don’t think there is anything wrong with maintaining the Proof of Work chain for the Ethereum community.”



As per the principles outlined by the Trust Project, Cryptozia remains dedicated to delivering impartial and transparent reporting. This news article is intended to offer precise and punctual information. Nevertheless, it is recommended that readers autonomously corroborate the facts and seek advice from a qualified expert prior to making any decisions reliant on this content.

latest articles

explore more