A Second Ethereum PoW Chain Idea Gaining Traction, Poloniex Lists “Potential Forked” Token Markets – Bitcoin News
Five days ago, influential Chinese crypto miner Chandler Guo declared that a Proof-of-Work (PoW) version of Ethereum was “coming soon” as the community braced for the network’s next transition to Proof-of-Stake (PoS ) prepared month. As usual, the idea of a forked token excites people and some people are upset, and while the token hasn’t been created yet, there is now a website called ethereumpow.org that summarizes the coin’s goals.
The merge upgrade could spawn an Ethereum PoW fork, Poloniex, to list 2 potential forked Ethereum token markets
When Ethereum (ETH) transitions to a full PoS blockchain next month, there’s a very good chance a PoW version will fork from the current version. The merger has a penciled date that could happen the week of September 19 or 44 days from now. Guo is a well-known crypto miner and played a notable role in founding the Ethereum Classic (ETC) blockchain network in 2016. On Aug. 1, Bitcoin.com News reported on Guo, who has announced a PoW version of Ethereum “soon available” tweeted and as he said “ETH PoW is DAO”.
Now there is a new website announcing the not-yet-born Ethereum PoW version called ethereumpow.org, and the web portal claims that a white paper will appear soon. The “community [and] Contributors” section says: “It takes a whole village to raise our Ethereumpow. Numerous communities, exchanges, miners and individuals have worked together to make ETHW possible.” Domain statistics from Whois records show that the web portal was registered on July 31, 2022. According to the Internet entry list, the name and identity of the owner of the ETHW website have been “redacted for data protection reasons”.
BREAKING: Poloniex will be the FIRST exchange to support EthereumPoW (ETHW). @Poloniex @justinsuntron
1/n pic.twitter.com/h6M9Pxv5lZ
— 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 ETHW’s listing, Sun retweeted the announcement to its 3.3 million Twitter followers. “The Ethereum merger is expected to take place in September 2022,” the exchange wrote. “Poloniex was the world’s first exchange to list ETH and now the first to support a potential fork of ETH with the listing of two potential fork ETH tokens: ETHS & ETHW.”
Poloniex was instrumental in the formation of ETC
Poloniex was also the first exchange to list Ethereum Classic (ETC). In a now-deleted tweet, one of the members of the Slock.it development team, Stephan Tual, noted that Poloniex was “leading the charge”. At the time, the Poloniex “trollbox” was raging and the exchange recorded around $11.89 million in ETC trading volume as of July 24, 2016. Today, despite having a string of 51% attack difficulties, ETC still exists as it is currently the 19th largest crypto asset in terms of market valuation. In an interview with Bloomberg, Chandler Guo spoke about the advantages of ETHW compared to ETC.
A snippet from a Bloomberg interview with Chandler Guo discussing ETHW and comparing it to ETC.
Ethereum Classic, which was born at ETH block height 1,920,001, has benefited from the merge date plotted, gaining 51.2% over the past two weeks, and ETC is up 148.5% over the past 30 days. ETC has also seen a slight increase in hashrate, but over the past week, ETC’s hashrate increase has moderated. Months before the recent hashrate spike, ETC maintainers wrote that the community welcomes Ethash miners to the Ethereum Classic ecosystem.
fwiw, our full support stands behind ETH PoS, in addition to ETC, and has no intention of supporting any ETH PoW fork. ETH miners should switch to ETC to maximize their earnings over the long term. as simple as that
— Barry Silbert (@BarrySilbert) August 6, 2022
Bitmex Research: ‘It is likely that the chain will be extended beyond the merge point, but whether or not this chain has any commercial significance is an open question’
Additionally, on Aug. 1, Bitmex Research published a blog post titled “ETHPow vs. ETH2” that explores a hypothetical debate about the two potential Ethereum networks. The blog post, written by Bitmex Research, concludes by arguing that while the ETHPoW chain may face many technical challenges and its long-term viability is in question, its existence could present an exciting opportunity for traders and speculators in the short to medium term. ”
Bitmex Research published a blog post titled “ETHPow vs ETH2” on August 1st, 2022.
In addition to Poloniex, Huobi Global plans to list all potential forks that will be created when The Merge takes place. Huobi will distribute fork assets if they meet certain requirements, the company announced on Friday. When Poloniex releases the “Potential Fork” token markets next week, it will be interesting to see what traders and speculators appreciate about the ETHW token. It’s entirely possible that futures markets could overshadow ETC’s recent gains.
tags in this story
2016, 51% Attack, Bitmex Research, Chandler Guo, Chandler Guo ETC, Chandler Guo ETH, Chandler Guo Tweet, Chinese Bitcoin Miner, ETC, ETC Fork, ETH Fork, ETH PoW is DAO, Ethereum Classic, Ethereum Classic (ETC), Ethereum Classic Hashrate, Ethereum PoW, ETHW, ETHW Website, Ethereum Immutable, Listing ETHW, Poloniex, Poloniex Listing, PoW version of Ethereum
What are your thoughts on the possibility of an ETHW chain splitting from Ethereum as the chain transitions to PoS? Do let us know your thoughts on this topic in the comments section below.
Jamie Redman
Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. As of September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about today’s emerging disruptive protocols.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer, or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Comments are closed.