Chainlink declines to back potential Ethereum forks

Chainlink’s decentralized oracle network developers will not support potential Ethereum forks on the Proof-of-Work (PoW) algorithm after the mainnet’s merge with the Beacon Chain.

“This is in line with both the Ethereum Foundation’s decision and a broader community decision, taken by social consensus, to upgrade the Ethereum blockchain to the Proof-of-Stake (PoS)”, the statement said.

The team assured that the protocol and its services would continue to operate during and after Ethereum’s transition to PoS, planned for September.

Chainlink advised those unsure about their migration strategy to Ethereum developers and dapps to suspend smart-contract operations. This should help avoid unforeseen incidents and protect end users.

“Decentralized applications operating on Ethereum forks, including PoW variants, may behave unpredictably due to issues at both the protocol and dapp levels, which increases risk for users,” the team says.

Chainlink’s experts noted that application developers should ensure the proper functioning of all external dependencies on which their smart contracts rely, both before and after the Merge (The Merge).

As noted earlier, Ethereum co-founder Vitalik Buterin admitted that in the next five to ten years the blockchain would face contentious hard forks. In his view, the fate of new chains will be determined by issuers of stablecoins such as Tether (USDT) and USD Coin (USDC).

Poloniex announced support for the proposed PoW fork of Ethereum and announced the listing of potential ETHS and ETHW tokens.

Frax Finance, on the other hand, proposed to the community to refrain from launching the algorithmic stablecoin FRAX in possible PoW forks of the blockchain.

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