Crypto wallet users are warned as scammers might get active during the potential Ethereum hard fork
The forked network will have the appearance of Ethereum, with all the apps and tokens losing their real value on it
By Shashank Bhardwaj
The much-awaited Ethereum blockchain Merge is scheduled for Thursday, September 15 at 5:05 a.m. UTC. It is a historic moment in Ethereum’s evolution toward proof-of-stake. The Merge is expected to remove the need for energy-intensive mining by 99.95 per cent when compared to the existing Proof of Work (PoW) mechanism on Ethereum. Many people believe that after Ethereum switches to Proof-of-Stake (PoS), a faction of Ether (ETH) miners will fork the network back to proof-of-work (PoW) so that they can continue mining.
The forked network will have the appearance and feel of Ethereum. However, it will only be a skeleton of the real thing. All the apps and tokens will be there with no use or value. According to a Twitter thread posted by Twitter handle @EthereumPoW on Monday, Ethereum’s Proof-of-Work fork will take place 24 hours after the Merge. The thread did not specify a time. However, the thread indicated that it will be ‘announced 1 hour before launch with a countdown timer.’
The tweet read, “…Everything including final code, binaries, config files, nodes info, RPC, explorer, etc. will be made public when the time’s up.”