Publicly traded company Coinbase Global has revealed plans to evaluate potential forks arising from the upcoming Ethereum upgrade known as The Merge. In a recently updated blog post, Coinbase said that any new Ethereum proof-of-work (PoW) tokens created will be “reviewed with the same rigor as other assets listed” on its exchange.
Coinbase updates the public on the possibility of an Ethereum fork occurring post-merge
The Merge is coming soon, roughly 16 days from now according to the data. Basically, The Merge is Ethereum’s plan to move from a proof-of-work (PoW) consensus algorithm to a new proof-of-stake (PoS) consensus scheme. Currently, there is talk of creating a new PoW fork once The Merge is implemented, even though a PoW network similar toETH already exists in Ethereum Classic (ETC).
proposedis ETH proposed. The PoW fork is gaining traction in the market as many crypto exchanges have created an IOU token version called ETHW. At the time of this writing,ETHW ETHWis trading at $49 per unit, up nearly 5% over the past 24 hours. Last week on August 25Coinbase Global (Nasdaq: COIN) updated its blog post published on August 16. The latest update concerns the possibility ofETH PoW fork arising from The Merge.
The intent of theblog postexplained that Coinbase plans to suspend Ethereum or ERC20-based transactions during The Merge. In a recent update, the company stated, “In the unlikely event… that ETH … PoW fork occurs after The Merge, this asset will be reviewed with the same rigor as any other asset listed on our exchange.” The company said. Coinbase alsotweetedabout this update on Twitter on the same day.
“At Coinbase, our goal is to list all assets that are legal and safe.” The exchange tweeted.” We will evaluate anyETHfork tokens following The Merge on a case-by-case basis in a manner consistent with our standard asset listing policy. Rest assured, all potential fork tokens of Ethereum, including PoW forks, will go through the same rigorous listing review process as other assets listed on our exchange,” Coinbase added.
It is well known that exchanges can take as long as they wish to disperse forked assets and that some trading platforms have never offered support for a particular crypto fork. Coinbase made a similar decision during the Ethereum Classic and Bitcoin Cash forks. It is also well known to veteran crypto participants that holding assets that may experience a fork in a non-custodial manner is the best way to ensure that they will get the forked crypto assets in the event of a blockchain split.
Image credit: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: rarrarorro / Shutterstock.com
