Hardware wallets will take a similar approach to Ethereum’s potential hard fork


The Ethereum blockchain merger is expected to take place around 05:05 UTC on September 15. This is a significant milestone that marks a full transition to proof-of-stake (PoS) for Ethereum and eliminates the need for energy-intensive mining by a projected 99.9% over proof-of-stake. work (PoW).

Some miners are also preparing for a hard fork that would allow them to continue using consensus PoW. Forked coins have proven lucrative in the past. Ethereum (ETH) holders, for example, came to own an equivalent amount of Ethereum Classic (ETC) when it forked in 2016.

In the event of a new hard fork, in which the Ethereum blockchain splits into two different networks, users holding ETH on-chain would have an equal balance of ETHW on the bifurcated chain. This would be an additional token; a totally different asset from ETH.

For ETH holders using hard wallets, the question is simpler: what would happen to your tokens if a fork follows the merger? We’ve put together some answers to this question, so you won’t be lost or trapped in a scam for hours to come.

In fact, most hard wallet providers take the same approach: monitor adoption in the new chain as well as the forked chain before adding any support for ETHPoW. Also, they warn that there is no need for user intervention during the upgrade.

Charles Guillemet, CTO of security hard wallet Ledger, explained to Cointelegraph that, “in the event of a fork, the first thing everyone needs to know is that all assets the user currently owns on the mainnet are safe.” , adding that the company “will not support an ETH proof-of-work fork on Day 1, as there are a number of technical aspects that need to be assessed to ensure it is safe for users. , the main one being to make sure that the new channel is secure.

Similarly, Josef Tětek, bitcoin analyst at Trezor, stated that “Trezor Suite will not support interaction with pre-merger proof-of-work coins post-merger, but users can still use their Trezor with an interface third party like MetaMask to access the older version of the blockchain.”

Tangem, a Swiss wallet provider, also has no plans to support PoW forking. “Until we are certain of the seriousness of the supporters of this hard fork, we are not ready to show our customers support for the project,” said CTO Andrey Lazutkin.

ETH holders who use non-custodial wallets and control their own private keys will have quick access to both sets of coins (ETHW and ETH). Private key owners can collect the forked coins using Metamask to connect the PoW network to an Ethereum Virtual Machine (EVM) wallet.

Crypto wallet companies are also warning users to take extra precautions during and after the network upgrade. “Scammers are especially active during major network upgrades. Do not engage with anyone who claims you need to take urgent action to protect your coins,” Tetek warned.