Wednesday, October 4, 2023
HomeUncategorizedJapan's bitFlyer will 'closely monitor' any Ethereum proof-of-work hard fork

Japan's bitFlyer will 'closely monitor' any Ethereum proof-of-work hard fork

Source: AdobeStock/piter2121

Japanese cryptocurrency exchange bitFlyer says it will “closely monitor” any possible hard fork Ethereum (ETH) ) as a result of the transition from Proof of Work (PoW) to Proof of Stake (PoS) and can support forked tokens that continue to rely on PoW.

In a blog post published on Monday, bitFlyer did not specify whether it supports any forked tokens, but said it would Depends on the situation”.

“We will closely monitor the value of ETHPoW tokens and customer requirements, and consider granting and processing ETHPoW in kind as appropriate tokens, or issuing cash equivalent to its value,” said a rough translation of the Japanese blog post.

The exchange added that it will require approval from the Japan Association for the Exchange of Virtual Crypto Assets (JVCEA) before any new tokens can be processed.

Prior to this month, major exchanges Binance

indicates that any forked ETH token will be “evaluated and considered for support”, while FTX has Indicates that the distribution of any forked tokens will be “evaluated”. “If FTX decides to distribute the forked tokens, we will distribute the tokens after the project is complete,” FTX added in its statement on the issue.

OKX and other major Similar wording was used in the cryptocurrency exchange’s statement.

Earlier this month, U.S.-based cryptocurrency exchange Kraken believes that in a report, there is no “black and white” answer to the question of PoW vs PoS. Instead, anyone considering a blockchain network should “have a nuanced understanding of the two and their tradeoffs” to determine which option is “better suited” to their needs, the report said.

The merger of Ethereum – or the transition from PoW to PoS – is expected to happen around September 15th.




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