Hardware wallets aim to take same approach towards Ethereum Merge | The Financial Express

Hardware wallets aim to take same approach towards Ethereum Merge

According to Cointelegraph, certain miners are taking preparations for a hard fork that would allow their continuation of using PoW consensus

Hardware wallets aim to take same approach towards Ethereum Merge
Through usage of MetaMask, private key owners can get the forked coins to connect the PoW network to an Ethereum Virtual Machine wallet

With Ethereum blockchain Merge expected to take place soon, it’ll aim for the full transition towards proof-of-stake (PoS) for Ethereum by eliminating the need for energy intensive mining by a projected 99.9% when compared to proof-of-work mechanism, as reported by Cointelegraph.

According to Cointelegraph, certain miners are taking preparations for a hard fork that would allow their continuation of using PoW consensus. Reportedly, forked coins have been considered to be lucrative previously. For instance, Ether holders possessed an equivalent amount of Ethereum Classic (ETC) when it forked in 2016. In the upcoming hard fork event, users having ETH on-chain would carry the same weightage of ETHPoW (ETHW) on the forked chain, which would be an additional token and a different asset from ETH. 

On the basis of information provided by Cointelegraph, majority of the hard wallet providers are taking the approach of monitor adoption on the new chain as well as the forked chain before addition of any support for ETHPoW.

“Trezor Suite will not support interaction with the pre-merge proof-of-work coins after the Merge, but users can still use their Trezor with a third-party interface like MetaMask to access the older version of the blockchain,” Josef Tětek, Bitcoin analyst, Trezor, stated.

Moreover, Cointelegraph noted that ETH holders who utilise non-custodial wallets and have control over their own private keys will get a better access to both set of coins which are ETHW and ETH. Through usage of MetaMask, private key owners can get the forked coins to connect the PoW network to an Ethereum Virtual Machine wallet. Reportedly, cryptocurrency wallet companies have warned users to take additional precautions during and after the network upgrade, and have also increased their security. “Scammers are especially active during network upgrades. Do not engage with anyone who claims you need to take steps to protect your coins,” Tětek mentioned.  

(With insights from Cointelegraph)

Also Read: Ethereum Merge explained: Experts’ insights on potential risks 

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