Five days ago, influential Chinese cryptocurrency miner Chandler Guo explained that a proof-of-work (PoW) version of Ethereum is “coming soon” as the community prepares for the network’s next transition to proof-of-work. stake (PoS) month. As usual, the idea of a forked token gets people excited and some people get angry, and even though the token hasn’t been created yet, there is now a website called ethereumpow.org that summarizes the coin’s goals.
Merger Upgrade Could Produce a Fork of Ethereum PoW, Poloniex to List 2 “Potential Bifurcated” Ethereum Token Markets
If Ethereum (ETH) switches to a full PoS blockchain next month, there is a very good chance that a PoW version will deviate from the current version. The union has a date set in pencil which could take place in the week of September 19 or 44 days from now. Guo is a well-known crypto miner and played a specific role in the creation of the Ethereum Classic (ETC) blockchain network in 2016. On August 1, Bitcoin.com News reported that Guo tweeted about a PoW version of Ethereum “coming” and how he said “ETH PoW is DAO”.
There is now a new website advertising the unborn PoW version of ethereum called ethereumpow.org, and the web portal says a white paper is coming soon. The “community [and] contributors ”says:“ It takes a village to raise our Ethereumpow. Numerous communities, exchanges, miners and individuals worked together to make ETHW possible. “Domain statistics from Whois records indicate that the web portal was registered on July 31, 2022. The name and identity of the website owner ETHW have been “drafted for privacy,” says the Internet records listing site.
– ETHPoW (@EthereumPoW) August 3, 2022
Cryptocurrency exchange Poloniex, backed by Tron’s Justin Sun, has announced that the trading platform will list ETHW. After Poloniex tweeted about ETHW’s listing, Sun retweeted the announcement to his 3.3 million Twitter followers. “The merger of Ethereum is expected to take place in September 2022”, the exchange he wrote. “Poloniex was the first exchange in the world to list ETH and now the first to support the potential fork of ETH with the list of two potential forked ETH tokens: ETHS and ETHW.”
Poloniex led the charge during the creation of ETC
Poloniex was also the first exchange to list classic ethereum (ETC). In a tweet now deleted, one of the members of the Slock.it development team, Stephan Tual, noted that Poloniex “leads the charge”. At the time, the Poloniex “troll-box” was going crazy and the exchange recorded a trading volume of around $ 11.89 million ETC on July 24, 2016. Although it suffered a series of 51% attack hiccups. , ETC still exists today as it is currently the 19th largest crypto asset in terms of market valuation. In an interview with Bloomberg, Chandler Guo spoken on the advantages of ETHW over ETC.
Born at a height of the ETH 1,920,001 block, Ethereum Classic has reaped benefits since the pencil merge date and has gained 51.2% in the past two weeks and ETC has jumped 148.5% in the past 30 days. ETC has also seen a slight increase in hashrate, but during the last week the increase in ETC’s hashrate has decreased. Months before the most recent hashrate spike, ETC maintainers wrote that the community welcomed Ethash miners into the Ethereum Classic ecosystem.
fwiw, our full support underlies ETH PoS, in addition to ETC, and we have no intention of supporting any fork of ETH PoW. ETH miners should switch to ETC to maximize their long-term income. as simple as that
– Barry Silbert (@BarrySilbert) August 6, 2022
Bitmex Research: “The chain is likely to have extended beyond the melting point, however, whether or not this chain has economic significance is an open question”
Additionally, on August 1, Bitmex Research released a blog post called “ETHPoW vs ETH2”, which examines a hypothetical debate on Ethereum’s two potential networks. The blog post, written by Bitmex Research, concludes “by arguing that although the ETHPoW chain may have many technical challenges and its long-term viability is in question, its existence could provide an interesting opportunity for traders and speculators in the short and medium term. ”
In addition to Poloniex, Huobi Global plans to list all potential forks created when The Merge occurs. Huobi will distribute asset forks if they meet specific requirements, the company said on Friday. When Poloniex releases “Potential Fork” token markets next week, it will be interesting to see what ETHW token traders and speculators are evaluating. It is entirely possible that futures markets could overshadow ETC’s recent gains.
What do you think about the possibility of an ETHW chain separating from Ethereum when the chain switches to PoS? Let us know your thoughts on this topic in the comment section below.
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