Friday 30 September 2022
Home / none / ETHW Core to push on with Ethereum PoW fork 24 hours after Merge

ETHW Core to push on with Ethereum PoW fork 24 hours after Merge

The long awaited Ethereum Merge is just around the corner, but not everyone is excited about the major upgrade. A group calling themselves ETHW Core have voiced its opposition to the change and are set to conduct a hard fork within 24 hours after the Merge.

Under the project name, ETHPoW and with the token ETHW, ETHW Core plans to split off from the main ETH blockchain and maintain a PoW version to keep ETH mining alive beyond the Merge.

“ETHW mainnet will happen within 24 hours after the Merge. The exact time will be announced 1 hour before launch with a countdown timer and everything including final code, binaries, config files, nodes info, RPC, explorer, etc. will be made public when the time’s up,” the group wrote in a Sept. 13 tweet.

The Merge will shift the Ethereum network away from its current Proof-of-Work (PoW) mining model to a Proof-of-Stake (PoS) consensus mechanism, phasing out miners and replacing them with validators.

In their Aug. 29 open letter, explaining their motivations, the group outlined why in their opinion, “PoS is indeed a game changer, but only in bad ways.”

"It is only prudent to continue a PoW Ethereum, which should be a no-brainer for those who champion openness and the free market as there is no downside. After all, if PoS Ethereum is really so great, why be afraid of competition?"

However many in the community believe the fork is motivated by money, rather than ideological differences.

And serious concerns have been voiced over the forks ChainID and whether it will increase the risk of replay attacks and other hacks.

Former Ethereum foundation member Hudson Jameson wondered on Sept.8 why it was launching after the actual Merge.

“I have huge doubts they will gain much hash power if they launch post-Merge," he wrote. "Hash power will be on other chains by then and the value prop of ETHPoW is tenuous already,” he wrote.

Coinbasecloud protocol Specialist Viktor Bunin reportedly contacted the ETHW Core for clarification on the issue. The result of the query was not posted.

Related: Ethereum ready for The Merge as last shadow fork completes successfully

If all goes to plan, the ETH Merge is currently less than a day awa.

At time of writing, the ETHPoW token is trading at $29.71, but only exists as a futures ticker, conceived in anticipation of the upcoming fork. The price of Ether (ETH) currently sits at $1,599, down 2.26% over the past seven days.

Original Article

About Jude Savage

Check Also

Ethereum Merge was ‘executed flawlessly,’ says Starkware co-founder

As the dust settled over the Ethereum network’s highly-anticipated transition to proof-of-stake (PoS), Eli Ben-Sasson, the co-founder of Starkware, gave his thoughts on its execution and potential for the future. Speaking to Cointelegraph’s Gareth Jenkinson at the Token2049 event, Ben-Sasson shared his thoughts on the current situation post-Merge and how it affects layer-2 projects like Starkware. In addition to that, the executive also gave his thoughts on the adoption and interest for layer-2 products and the crypto winter. Looking back at the Ethereum Merge’s execution, Ben-Sasson rejoiced that the transition was flawless and said things happened as they should. The executive explained that: “The most important thing is that it was executed flawlessly. Everything that was supposed to happen did happen. And none of the things that people were worried about did happen. And that's terrific news.”Additionally, the executive also highlighted the importance of the new Ethereum netw..

Leave a Reply

Your email address will not be published. Required fields are marked *