Five days ago, influential Chinese cryptominer Chandler Guo explained that a proof-of-work (PoW) version of Ethereum is “coming soon” as the community prepares for the network’s next move to proof-of-stake (PoS). month. As usual, the idea of a forked token gets people excited and some individuals upset, and even though the token hasn’t been created yet, there is now a website called ethereumpow.org that summarizes the coin’s goals.
The Merger Upgrade May Produce an Ethereum PoW Fork, Poloniex Will List 2 ‘Potentially Forked’ Ethereum Token Markets
If Ethereum (ETH) moves to a full PoS blockchain next month, there is a very good chance that a PoW version will depart from the current version. The merger has an inscribed date that could take place the week of September 19, or 44 days from now. Guo is a well-known crypto miner and he played a specific role in the 2016 creation of the Ethereum Classic (ETC) blockchain network. On August 1, Bitcoin.com News reported on Guo tweeting about a PoW version of Ethereum “coming soon” and how he said, “ETH PoW is DAO.”
Now there is a new website showing the yet-to-be-born ethereum PoW version called ethereumpow.org and the web portal claims a white paper is coming soon. The website’s “community [and] contributors” section says, “It takes a village to raise our Ethereumpow. A number of communities, exchanges, miners and individuals have worked together to make ETHW possible.” Domain statistics from Whois records indicate that the web portal was registered on July 31, 2022. The ETHW website owner’s name and identity have been “redacted for privacy,” the internet listings website says.
— ETHPoW (@EthereumPoW) 3 August 2022
Cryptocurrency exchange Poloniex, backed by Tron’s Justin Sun, has announced that the trading platform will list ETHW. After Poloniex tweeted about the listing of ETHW, Sun retweeted the announcement to its 3.3 million Twitter followers. “Ethereum merger expected to be in September 2022,” the exchange wrote. “Poloniex was the world’s first exchange to list ETH and now the first to support potential forking of ETH with the listing of two potential forked ETH tokens: ETHS and ETHW.”
Poloniex led the charge during ETC’s creation
Poloniex was too first exchange on the list ethereum classic (ETC). In a now deleted tweet, one of the members of the Slock.it development team, Stephan Tual, said that Poloniex is “leading the charge.” At the time, the Poloniex ‘troll box’ was going wild and the exchange saw approximately $11.89 million in ETC trading volume on July 24, 2016. Although it has experienced a series of 51% attack hiccups, ETC still exists today as it is currently the 19th largest crypto asset in terms of market cap. In an interview with Bloomberg, Chandler Guo talked about the advantages of ETHW over ETC.
Born at ETH block height 1,920,001, Ethereum Classic has reaped benefits from the inscribed merge date, and over the past two weeks has gained 51.2%, and ETC jumped 148.5% higher in the past 30 days. ETC has also seen a small hashrate increase, but over the past week ETC’s hashrate increase has slowed. Months before the latest hashrate tap, ETC maintainers wrote that the community welcomed Ethash miners to the Ethereum Classic ecosystem.
Fwiw, our full support is behind ETH PoS, in addition to ETC, and have no intention of supporting any ETH PoW fork. ETH miners should move to ETC to maximize their earnings in the long term. as simple as that
— Barry Silbert (@BarrySilbert) 6 August 2022
Bitmex Research: ‘It is likely that the chain is extended past the confluence point, but whether this chain has any economic significance is an open question’
Furthermore, on August 1, Bitmex Research published a blog post called “ETHPoW vs ETH2”, which examines a hypothetical debate about the two potential Ethereum networks. The blog post, written by Bitmex Research, concludes “arguing that while the ETHPoW chain may have many technical challenges and its long-term viability is in doubt, its existence may present an exciting opportunity for traders and speculators in the short to medium term. “
In addition to Poloniex, Huobi Global plans to list potential forks created when the merger takes place. Huobi will distribute forked assets if they meet specific requirements, the company said on Friday. When Poloniex launches the “Potentially forked” token markets next week, it will be interesting to see what traders and speculators value the ETHW token. It is quite possible that the futures markets could overshadow ETC’s recent gains.
What do you think about the possibility of an ETHW chain splitting from Ethereum when the chain transitions to PoS? Let us know your thoughts on this topic in the comments section below.
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