Ethereum GeneSys Foundation Has Completed A 'Hard Fork' Of Ethereum to Reclaim Staked ETH 2.0 Coins, And Incentivize The PoW Mining Community On The Blockchain Network
The Ethereum GeneSys Foundation has successfully executed a mining fork of Ethereum, in order to save Proof-of-Work miners from the Ethereum network's 'Quick Merge'. The goal is to reclaim staked ETH 2.0 coins, continue Proof-of-Work mining indefinitely, and make future changes to the Blockchain consensus, including reduction of gas fees, enhancing Proof-of-Work security, and making performance improvements.
20 Apr, 2021, 08:38 ET
DUBAI, UAE and TORONTO, April 20, 2021 /PRNewswire/ -- On April 15, 2021, Ethereum GeneSys successfully executed a mining fork of Ethereum. This fork, which took place in Toronto, is an effort to save the global Ethereum mining community from the Blockchain network's proposed 'Quick Merge'. The Ethereum GeneSys Foundation has successfully initiated a 'hard fork', which aims to reclaim staked Ethereum 2.0 coins and allocate it to incentivize the Ethereum mining community to mine Ethereum GeneSys. This will give the Ethereum GeneSys Foundation control of the Ethereum open source protocol. The Proof-of-Stake on EthereumGeneSys Hybrid will be implemented on the Quick Merge proposed by Vitalik Buterin of Ethereum Foundation.
The Ethereum GeneSys Foundation successfully initiated the hard fork of the Ethereum/ERC-20 ETH mainnet network on April 15th, 2021, at 16:20EST, on block 12246768, to Ethereum GeneSys ETG mainnet, including the Berlin Fork.
This hard fork initiated by the Ethereum GeneSys Foundation, known as the 'Maple Fork', has been undertaken to save the Proof-of-Work community, and to produce a forked coin called Ethereum GeneSys (ETG). The foundation also plans to make future changes to the Blockchain consensus, including those related to significant reduction of gas fees, Proof-of-Work security, as well as performance improvements.
One of the reasons for this hard fork is Ethereum's 'Difficulty Bomb', which is introducing increasingly difficult puzzles into the algorithm miners use to earn ETH. This is leading to the onset of Ethereum's 'ice age', which will be used to transition to the Proof-of-Stake Blockchain, where rewards will be distributed on the basis of staking or coin ownership.
Noted Crypto Whale and Chairman of the IBC group, Khurram Shroff, recently pledged his support to the Ethereum GeneSys Foundation. He is considered to be one of the largest Bitcoin Miners and HODlers in Blockchain history. Khurram was instrumental in the beacon chain for the launch of ETH 2.0 reaching its required threshold, with his group staking one hundred thousand ETH. He believes the hard fork is necessary to save the Proof of Work Blockchain community.
"The 'Difficulty Bomb' intends to end PoW mining on Ethereum, by making blocks impossible to mine", said Earl Mai, founding member of #EthGen. Earl further elaborates "The Ethereum GeneSys Foundation has disabled this code forever, so that mining can continue indefinitely. All parameters needed to enable the fork in the 'geth' and 'openethereum' code bases are submitted on GitHub for easy setup of nodes, including fork configuration changes".
Ethereum 1.0 runs on many different nodes and client software, however, the Ethereum GeneSys Foundation is focusing only on the top three. These cover over 96% of the 11,500 nodes operating today.
Earl concluded "It is not only important to have node diversity based on codebase, but geographically diverse hosting as well. The long term goal is to have Hybrid approach, with both PoW and POS in their respective mainline branches, for all to participate".
About Earl Mai
Earl Mai, founding member of Ethereum GeneSys and an Experienced Technical Professional. Earl has a demonstrated history of working in the semiconductors industry with companies like AMD. Earl is highly skilled in Complex Hardware Architecture, Semiconductors, Digital Signal Processors, Debugging, and C. Strong engineering professional with a Bachelor of Applied Science (BASc) focused in Engineering Science - Electrical from University of Toronto.
About Khurram Shroff
Khurram Shroff, Chairman of IBC Group (a substantial Global Real Estate and Tech investment company) has recently transferred their headquarters to Toronto, Canada from Dubai. IBC group holds investments in over 4000 Blockchain projects, and has been instrumental in the recent Proof-of-Stake launch of Ethereum 2.0 through an investment of 100,000 Ether.
About Ethereum GeneSys
Ethereum GeneSys has successfully executed a mining fork of Ethereum, in order to save Proof-of-Work miners from the Ethereum network's 'Quick Merge'. The goal is to reclaim staked Ethereum 2.0 coins, and allocate it to incentivize mining pools to start mining Ethereum GeneSys, giving the Ethereum GeneSys Foundation control of Ethereum open source protocol.
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SOURCE Ethereum GeneSys Foundation
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