Team Behind Ethereum’s PoW Fork Aims to Launch Network 24 Hours After Merger – Altcoins Bitcoin News

While The Merge is expected to happen in less than two days, Ethereum’s proof-of-work (PoW) fork is scheduled to go live 24 hours after the transition, according to ETHW developers. On August 8, 2022, ETHW exchanged hands at $141 per unit and today the crypto asset is 73% lower in value in USD.

ETHW Mainnet starts 24 hours after the merger

After the Ethereum merger has taken place and the blockchain transitions to Proof-of-Stake (PoS), a new fork token called Ethereumpow (ETHW) will be born. On September 12, 2022, ETHW core developers announced that “ETHW mainnet will take place within 24 hours of The Merge”. The core developer’s blog post notes that “the exact time will be announced 1 hour before launch with a countdown timer and everything including final code, binaries, configuration files, node information, RPC, Explorer, etc. will be released when the time has expired. ”

The ETHW team has published open letters to the ETHW community and a blog post published on August 29 summarizes some of the intentions of the project. The ETHW core team explains that the group is a group of “geeks and crypto investors from around the world” and chooses to remain anonymous. The post further elaborates on the rationale behind the ETHW team’s efforts, with the developers emphasizing that blockchain regulation “keeps increasing” and “Web3 narratives are being seriously weighed down.”

The ETHW core developers explain further:

PoS is indeed a game changer, but only in a bad way. Nonetheless, PoW has a 12-year track record of being reliable, robust, and censorship-resistant. It’s only smart to continue a PoW Ethereum, which should be a no-brainer for those who advocate openness and the free market, as there are no downsides.

IOU Market Data Shows Fork Coin Down 73%, Core Developers Reject Contract Freezing Code Merge Proposal

The birth of a new Ethereum-style fork means that anyone who owns Ethereum (ETH) will be able to obtain ETHW in some way. Some users receive ETHW from crypto exchanges when the crypto company codifies the existence of the new token. People holding ETH in a non-custodial wallet can split their coins like Ethereum Classic (ETC). At the time of writing, ETHW IOU market data shows the crypto asset is trading at $36.01 per unit. ETHW is 73% lower than the all-time high (ATH) printed on Aug. 8.

In another community letter, ETHW core developers reveal that they are not prepared to freeze ETHW liquidity pools. “[ETHW core developers] rejected the proposal to insert the contract-freezing code into the main codebase and insisted that no ETHW contract pool would be restricted in any way,” the letter clarifies.

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What do you think about the ETHW fork that is expected after The Merge? Let us know what you think about this topic in the comment 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. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.

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