Five days ago, influential Chinese crypto miner, Chandler Guo, explained that a proof-of-work (PoW) version of Ethereum is “coming soon” as the community prepares for the network’s transition to proof-of-stake (PoS) next month. As usual, the idea of a forked token has people excited and some people upset, and even though the token hasn’t been created yet, there is already a website called ethereumpow.org that summarizes the coin’s goals.
Merger Upgrade May Produce Ethereum PoW Fork, Poloniex to List 2 ‘Potentially Forked’ Ethereum Token Market
If Ethereum (ETH) moves to a full PoS blockchain next month, there is a very good chance that a PoW version will split off from the current version. The merger has a penciled in date that could take place the week of September 19th 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 that Guo tweeted about a PoW version of Ethereum “coming soon” and how he said, “ETH PoW is a DAO.”
Now there’s a new website promoting the yet-to-be-born version of ethereum PoW called ethereumpow.org, and the web portal claims a white paper is coming out soon. The “Community” of the Website [and] contributors” it says “It takes a village to grow our Ethereumpow. A number of communities, exchanges, miners and individuals have worked together to make ETHW possible.” Domain statistics from Whois records show the web portal was registered on July 31, 2022. The name and identity of the owner of the ETHW website have been “redacted for privacy,” the Internet records listing site says.
— 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 the ETHW listing, 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 first exchange in the world to list ETH and now the first to support a potential ETH fork with the listing of two potential ETH fork tokens: ETHS & ETHW.”
Poloniex led the charge during the creation of ETC
Poloniex was too the first exchange on the list ethereum classic (ETC). IN already deleted tweet, one of Slock.it’s development team members, Stefan Tual, noted that Poloniex is “leading the way.” At the time, Poloniex’s “troll box” was in full swing, and on July 24, 2016, the exchange saw approximately $11.89 million in ETC trading volume. Although there were a number of 51% hiccups in the attack, 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 they spoke about the advantages of ETHW compared to ETC.
Born at an ETH block height of 1,920,001, Ethereum Classic reaped the benefits of the penciled in merger date and has gained 51.2% over the past two weeks, and ETC has jumped 148.5% over the past 30 days. ETC also saw a slight increase in hashrate, but in the last week, the rise in ETC’s hashrate has decreased. Months before the latest hashrate spike, ETC supporters wrote that the community welcomes Ethash miners to the Ethereum Classic ecosystem.
fwiw, our full support is behind ETH PoS, in addition to ETC, and we have no intention of supporting every ETH PoW fork. ETH miners should switch to ETC to maximize their earnings in the long run. so simple
— Barry Silbert (@BarrySilbert) August 6, 2022
Bitmex Research: “Probably the chain is extended past the confluence point, but whether or not this chain has any economic significance is an open question”
Additionally, on August 1st, Bitmex Research published a blog post called “ETHPoW vs. ETH2” that looked at a hypothetical debate about the two potential Ethereum networks. The blog post written by Bitmex Research concluded “arguing that although the ETHPoW chain may have many technical challenges and its long-term viability is questionable, its existence could provide an exciting opportunity for traders and speculators in the short to medium term. “
In addition to Poloniex, Huobi Global plans to list all the potential forks that are created when The Merge happens. Huobi will distribute forked assets if they meet specific requirements, the company said on Friday. When Poloniex launches the “Potential Forked” token markets next week, it will be interesting to see what traders and speculators value the ETHW token. It is entirely possible that futures markets will overshadow ETC’s recent gains.
What do you think about the possibility of an ETHW chain splitting off from Ethereum when the chain moves to PoS? Let us know your thoughts on this topic in the comments section below.
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