OpenSea Will Not Support Ethereum Version PoW

OpenSea supports Ethereum version Proof-of-Stake. (photo: doc. Unsplash)

JAKARTA One of the most popular NFT trading platforms, OpenSea, will support Merge Ethereum later this month. In other words, OpenSea will not support the possibility of ETH's Proof-of-Work (PoW) version of the ETH branching. As is known, Ethereum will make a transition from PoW to PoS (Prot-of-Stake) in the Merce phase.

Marketplace confirmed its support for Merger in a tweet on Wednesday. "We are committed to only supporting NFT on the improved Ethereum PoS chain," OpenSea wrote in a Twitter post.

He also noted that every NFT circulating on the possible ETHPoW fork, after the merger, will not receive support from OpenSea. Furthermore, OpenSea expects the ETH transition from PoW to PoS

In addition, the company expects a smooth transition to Ethereum (POS) stock evidence. "We are committed to monitoring, managing, and communicating as a whole," he said.

This merger will reduce Ethereum's energy consumption by more than 99% while preparing it for swiping, a further scaling solution under the protocol roadmap. It will also allow ETH holders to stake their coins and secure networks for profit.

However, a collection of Ethereum Chinese miners has organized the Ethereum fork that will maintain proof-of-work through September. Although not yet confirmed, BitMEX has started offering leveraged trade for such an unexisting network.

Organizations like OpenSea can only support assets circulating on one of the networks to keep it functioning. So far, most companies are planning to treat the Ethereum PoS network.

For example, the two largest stablecoin publishers - Circle, and Tether - have agreed to only support The Merger. This means that the USDC and USDT circulating in other forms will lose their stake in the dollar. While the ones that will survive are those that use the Ethereum PoS mechanism.

However, it is not known for certain whether PoW version of Ethereum will actually exist after the blockchain turns to the PoS mechanism. Ethereum founder Vitalik Buterin himself had stated that the ETH transition from PoW to PoS was the Ethereum developer's biggest test.