The team behind Ethereum’s PoW fork aims to launch the network 24 hours after the merger.
According to ETHW developers, The Merge is expected to take place within two days, while Ethereum’s Proof of Work (PoW) fork is expected to start 24 hours after the transition. On August 8, 2022, ETHW exchanged hands at $141 per unit and today the cryptocurrency is down 73% in USD value.
ETHW mainnet launches 24 hours after merger
After the Ethereum merge takes place and the blockchain transitions to Proof of Stake (PoS), there will be a new forked token called Ethereumpow (ETHW). On September 12, 2022, the ETHW core developer announced that “within 24 hours after the merge, he will implement the ETHW mainnet.” In a core developer blog post, “The exact time will be announced one hour before his launch using his timer that counts down to the final code, binaries, config files, node info, RPC, explorer, etc. will be published when the time expires, including
The ETHW team has issued an open letter to the ETHW community and a blog post published on August 29th summarizes some of the project’s intentions. ETHW’s core team explains that the group is a gathering of “geeks and cryptocurrency investors from around the world” who have chosen to remain anonymous. The post further elaborated on the rationale behind the ETHW team’s efforts, citing the developers as saying that blockchain regulation is “increasing” and that “the Web3 narrative is in serious tension.” It emphasizes that it is exposed.
ETHW Core developers further stated:
PoS is indeed a game changer, but only in a bad way. Nevertheless, PoW has his 12-year track record of being reliable, robust, and censorship-resistant. Continuing with PoW Ethereum is sensible and easy to do as there are no downsides for those who advocate openness and free markets.
IOU Market Data Shows Fork Coin Drops 73%, Core Developers Choose to Reject Proposal to Merge Contract Freeze Code
The birth of a new Ethereum-style fork means that everyone who owns Ethereum (ETH) will be able to acquire ETHW in some way. Some users will get her ETHW from crypto exchanges if a crypto company codifies the existence of a new token. Anyone holding her ETH in a non-custodial wallet will be able to split the coin, just like with Ethereum Classic (ETC). At the time of writing, ETHW IOU market data shows that the cryptocurrency is trading at $36.01 per unit of his. ETHW is down 73% from its all-time high (ATH) printed on August 8th.
In another community letter, ETHW core developers have clarified that they have no intention of freezing ETHW’s liquidity pool. “[ETHW core developers] We rejected the proposal to merge the contract freeze code into the main codebase, arguing that ETHW’s contract pool would not be restricted in any way,” the letter clarifies.
What do you think of the ETHW fork that will be launched after The Merge? Let us know your thoughts on the matter in the comments section below.
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The team behind Ethereum’s PoW fork aims to launch the network 24 hours after the merger.
Source link The team behind Ethereum’s PoW fork aims to launch the network 24 hours after the merger.
