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“Ethereum Merge ushered in a new era for Ethereum Classic”: Bob Summerwill



Key facts:
  • “PoW is unique; it was the revolution for Bitcoin and blockchain,” says Bob Summerwill.

  • Ethereum Classic wants to encourage the development of applications on its network.

Bob Summerwill, CEO of the Ethereum Classic cooperative, said the Ethereum Classic network “ushered in a very important new era” after the Ethereum merger. Because it has become “the second or third network with PoW in terms of block rewards and active miners,” in his words.

In an exclusive interview with CryptoNews, Summerwill pointed out that. The hashrate or processing power of Ethereum Classic has reached increase by a factor of 10 after the merger. This event, which took place on September 15, saw Ethereum move from Proof of Work (PoW) to Proof of Stake (PoS) mining. As a result, many miners in the network dedicated their graphics cards (GPUs) to Ethereum Classic mining.

However, 70%-80% of ETC mining is currently done with ASICs. (integrated circuit equipment), which is “great for network security,” Summerwill says.

Meanwhile, of the GPUs used for Ethereum mining, “maybe 80 percent are out of the game, or maybe they’re waiting to see what happens,” said the Ethereum Classic Cooperative representative, interviewed by special correspondents at Bitmain’s World Digital Mining Summit 2022 conference in Cancun, Mexico.

Previously, the lack of miners posed a security risk to Ethereum Classic:

Because Ethereum is so large and uses essentially the same hash, Ethereum Classic was very vulnerable to 51 percent attacks. Now, ETC has most of the hashing within the hashing algorithm. One cannot rent as much hashing to attack ETC.

Bob Summerwill, executive director of the Ethereum Classic Cooperative.

However, Bob Summerwill does not guarantee that Ethereum Classic has the ability to bring in other miners and make a profit mining on that network. “More miners might join the ETC, but I don’t know if it will be profitable. It probably won’t be profitable for those who are not mining right now, unless they have a setting incredible in terms of electricity,” he explained. But he clarified, “This is a boom and bust cycle. We are at a low point and when we will rise again is another question.

Ethereum Classic hashrate.
Ethereum Classic hashrate has been about 150 TH/s since September, 6 times what it was before the merger. Source: Minerstat.

The value of Ethereum Classic and its future.

In the debate between the advantages of each consensus algorithm (PoW and PoS) that was relaunched after the merger, Summerwill takes the side of proof of work.. “PoW is unique; it was the revolution for Bitcoin and blockchain. It is the most decentralized and the most permissionless to ensure the security of a blockchain,” he said.

The real difference between Ethereum and Ethereum Classic is that we expect to continue mining with PoW forever. We never know what might happen, but that is the intention.

Bob Summerwill, CEO of the Ethereum Classic cooperative.

Regarding planned future developments for Ethereum Classic, the interviewee stated that said that it will be critical funding program granted by Bitmain and Antpool to distribute grants to Ethereum Classic developers. In this regard, CryptoNews also spoke with Xmei Lin, Bitmain’s marketing director.

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This program will allow them to focus on developing decentralized applications.This is “something that has always been difficult” for this network, despite the fact that any application compatible with Ethereum can also be distributed in Ethereum Classic.

Finally, Summerwill pointed out that “the protocol-level changes we have been evaluating relate to sustainability.” These include some improvements to the format of the Ethereum virtual machine without breaking backward compatibility. “We will try to help Ethereum developers in this regard, because we are both looking for this change,” he concluded.

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