Crypto exchange Huobi said it will list any hard forks of Ethereum following the network’s planned switch to proof-of-stake (PoS) consensus — so long as they meet five requirements.
“As long as the forked assets meet our security requirements, we will take the first move to support users to hold the assets and earn rewards,” Huobi wrote in a blog post on Friday. “Trading services for those coins under the spotlight will be available as soon as possible per our rules after we get an overall picture of users' opinions.”
Ethereum is inching closer to a switch to PoS from energy-intensive proof-of-work (PoW) consensus, a long-awaited shift known as "the merge" that might come as soon as September. The change could, however, meet resistance from Ethereum miners who have spent billions on equipment that will no longer be needed to run the network.
While miners can’t stop the merge, they can clone Ethereum and create their own version of the network where the transition never takes place.
The possibility of a miner-led fork of Ethereum has gained impetus after Chandler Guo, an influential Chinese crypto miner and investor, last month declared he would fork the network to create a PoW-based chain he called “ETH POW.”
Now Huobi, a crypto exchange founded in China in 2013 but currently based in the Seychelles, says it will list forked tokens if they meet five criteria.
A hard fork project team notifies Huobi Global and receives a clear reply before the hard fork is performed.
Two-way replay protection is implemented by default; that is, the trading on one forked chain is invalid on the other.
The new chain will not be covered or eliminated by the original chain.
The trading on the two forked chains should be differentiated so that the upgrade is required for all wallets (including light-weight nodes) to support the new chain.
Before a hard fork starts, an official client software which has passed the public test and evaluation should be published.
Getting listed on an exchange allows speculators to buy and sell a crypto token and creates more legitimacy in the eyes of some investors.
A prior hard fork of Ethereum created what’s now known as Ethereum Classic, a token that’s still among the top 20 largest crypto assets by value.
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