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Second Ethereum PoW Chain Idea Gains Traction, Poloniex Lists ‘Potential Fork’ Token Markets – Bitcoin News

Five days ago, influential Chinese cryptocurrency miner Chandler Guo announced that Ethereum’s Proof of Work (PoW) was approved as the community geared up for the network’s move to Proof of Stake (PoS). It explained that a version was “coming soon.” Moon. As usual, the idea of ​​a forked token gets people excited and some people upset.The token hasn’t been created yet, but now there is a website called Ethereumpou.org, It summarizes the coin’s goals.

Merge Upgrade Could Create Ethereum PoW Fork, Poloniex Lists Two “Potential Forks” Ethereum Token Markets

If Ethereum (ETH) moves to a full PoS blockchain next month, it is very likely that the PoW version will diverge from the current version. The merge is marked in pencil with a date that takes place the week of September 19th, or 44 days after him from now. Guo is a well-known cryptocurrency miner who played a particular role in the creation of the blockchain his network Ethereum Classic (ETC) in 2016. On August 1, Bitcoin.com News reported that Guo tweeted about his PoW version of Ethereum “coming soon,” stating, “ETH PoW he’s a DAO.”

There is now a new website promoting the yet-to-be-born PoW version of Ethereum called ethereumpow.org, and the web portal claims that a white paper will be published soon.”Community” on the website [and] Contributors section says: Many communities, exchanges, miners and individuals worked together to make ETHW possible. Whois records domain statistics show that this web portal was registered on his July 31, 2022.

Tron’s Justin Sun-backed cryptocurrency exchange Poloniex has announced that its trading platform will list ETHW. After Poloniex tweeted about his ETHW listing, Sun retweeted the announcement to his 3.3 million Twitter followers. “Ethereum Merge Expected To Be In September 2022,” Says Exchange I have written“Poloniex was the first exchange in the world to list ETH and is now the first to support a potential fork of ETH by listing ETHS and ETHW, two potentially forked ETH tokens. It’s an exchange.”

Poloniex led prosecution during ETC creation

Poloniex too First exchange to list Ethereum Classic (ETC).and currently deleted tweetsStephan Tual, one of the Slock.it development team members, describes Poloniex as “taking the lead.” At the time, the Poloniex “trollbox” was out of control, and on July 24, 2016, his ETC trading volume reached approximately $11.89 million. 51% of attacks had multiple issues, but ETC is still alive today. By market valuation, he is the 19th largest crypto asset.In an interview with Bloomberg, Chandler Guo talked About the advantages of ETHW compared to ETC.

Second Ethereum PoW Chain Idea Gains Attention, Poloniex Lists 'Potential Fork' Token Market
Bloomberg’s Interview with Chandler Guo section discusses ETHW and compares it to ETC.

Born at an ETH block height of 1,920,001, Ethereum Classic has benefited from the merge day, rising 51.2% over the past two weeks while ETC has risen 148.5% over the past 30 days. ETC’s hashrate is also up slightly, but the increase in ETC’s hashrate slowed down last week. Months before the latest hashrate spike, an ETC maintainer wrote that the community welcomed his Ethash miner to his Ethereum Classic ecosystem.

Bitmex Research: “Although the chain likely extends beyond merge points, whether this chain makes economic sense is an open question.”

Additionally, on August 1st, Bitmex Research published a blog post titled “ETHPoW vs ETH2”. This validates a hypothetical argument for two potential Ethereum networks. A blog post written by Bitmex Research states, “Although the ETHPoW chain has many technical challenges and its long-term viability has been questioned, its existence could be a threat to traders and speculators in the short to medium term. It concludes by arguing that it may offer exciting opportunities.”

Second Ethereum PoW Chain Idea Gains Attention, Poloniex Lists 'Potential Fork' Token Market
Bitmex Research published a blog post “ETHPoW vs ETH2” on August 1, 2022.

In addition to Poloniex, Huobi Global plans to list all possible forks that will be created when The Merge takes place. Huobi will distribute forked assets if it meets certain requirements, the company said on Friday. It will be interesting to see which traders and speculators value his ETHW token when Poloniex releases a “potentially forked” token market next week. It’s entirely possible that the futures market will overshadow his ETC’s recent rise.

Tags for this story

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What do you think of the possibility of the ETHW chain separating from Ethereum when the chain moves to PoS? Let us know what you think about this in the comments section below.

Jamie Redman

Jamie Redman is a news lead for Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com News about disruptive protocols currently emerging.




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Second Ethereum PoW Chain Idea Gains Traction, Poloniex Lists ‘Potential Fork’ Token Markets – Bitcoin News

Source link Second Ethereum PoW Chain Idea Gains Traction, Poloniex Lists ‘Potential Fork’ Token Markets – Bitcoin News

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