What Happened: “We all want to be the first solution when everybody uses Ethereum proof-of-work post-Merge,” said Sun to CoinDesk TV on Monday.
“Proof-of-work actually provides a very good foundation for Ethereum infrastructure,” added Sun, who believes it is “essential” for the crypto industry to have an alternative PoW smart contract platform.
The outspoken Tron founder wants his algorithmic stablecoin USDD to be the first one to capture market share in the Ethereum Proof-of-Work (PoW) ecosystem. Sun’s crypto exchange Poloniex has already indicated that it will support a PoW Ethereum by listing two tokens ETHS and ETHW corresponding to PoS ETH and PoW ETH.
Ethereum founder Vitalik Buterin described those pushing for an ETH PoW hard fork as people “simply trying to make a quick buck,” at the ETHSeoul press conference reported by CryptoSlate.
(2/2) If the hard fork succeeds, everyone on ethereum will get ethw tokens, without any pre-mining. Vitalik will get exactly the same proportion of ethw as I and everyone do. I'm only supporting pow should exist as a consensus mechanism for ethereum after merge.— H.E. Justin Sun (@justinsuntron) August 8, 2022
Sun addressed the comments on Twitter Inc (NYSE:TWTR) saying that Poloniex support for a PoW ETH was “solely for the public good” and not for profit.
Outside of founding the Tron blockchain, Sun is known for placing high-value bids in public auctions. He placed a record $4.5 billion bid on eBay Inc (NASDAQ:EBAY) to win a lunch with Berkshire Hathaway Inc. (NYSE: BRK.A) (NYSE: BRK-B) CEO Warren Buffett. The Tron founder was also the second highest bidder on Beeple’s $69 million NFT sale.