Vitalik Buterin confirmed that the ETC is the original Ethereum chain and was holding the blockchain before the hack. Buterin also spoke about the long-awaited transition from proof of work to proof of stake.
The Ethereum community was surprised by Buterin's recommendations on rival chain Ethereum Classic. Buterin reiterated that his comments were not a joke and that he believed Ethereum Classic was the original Ethereum chain that did not change after the attack.
In 2016, an application known as DAO on the Ethereum blockchain was hacked. At that time, 3.6 million ETH worth $50 million was vaporized. At that time there were about 72 million ETH in circulation. The original Ethereum blockchain was essentially split into Ethereum Classic and the more recently known Ethereum.
In his speech, Buterin acknowledged that the proof-of-work system is the preferred model by some of the Ethereum community and emphasized that Ethereum Classic is a good option for such members. Vitalik stated that he believes Ethereum Classic is a welcoming community and will certainly welcome proof-of-work fans.
ETC has also already surpassed ETH in weekly gains, while Buterin recommends that those who prefer working blood as their model switch to Ethereum Classic. According to experts, ETH price could be adversely affected if Merge witnesses a failure or problems such as delays.
One of the main arguments of the Ethereum community is that the US Securities and Exchange Commission (SEC) has not yet announced its clear stance on Ethereum. Once the SEC's stance on Ethereum becomes clear, the problems could grow if ETH is treated as a security after the transition to proof-of-stake. Vivek Raman, an Ethereum researcher, believes that the leading altcoin's transition to proof-of-stake could fulfill his dream of surpassing Bitcoin. According to the expert, Ethereum has a good chance of surpassing Bitcoin from an economic perspective and due to the impact of the supply shock.