What is Ethereum PoW (ETHW)?

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EthereumPoW

Ethereum PoW (ETHW) describes itself as an 'original proof of work' blockchain, maintaining Ethereum's original proof of work consensus.

The Ethereum ecosystem's anticipated Ethereum merge was a success, and the Ethereum network's future is bright. But its proof of work cousin born from the merge thinks otherwise.

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At a time when blockchains are embracing the sustainable capabilities of proof of stake networks, EthereumPoW believes what's old is new.

EthereumPoW

The Ethereum merge came with its own set of pros and cons. While the completion of the merge made Ethereum more sustainable and scalable, the upgrade, unfortunately, pushed Ethereum miners out of work.

To address the issue, Vitalik Buterin proposed an idea to help miners out of their misery by floating the concept of mining on Ethereum Classic, a fork of the Ethereum blockchain before Ethereum's DAO was compromised in 2016.

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A substantial number of miners have already switched to Ethereum Classic, causing its hashrate to skyrocket in recent months. However, a faction of ETH miners was in favour of forking a more up-to-date version of the Ethereum blockchain before it switched to PoS.

EthereumPoW launched its mainnet hours after Ethereum went PoS. The hard fork was backed by a community of miners led by Chandler Guo, a Chinese Bitcoin miner, and Justin Sun, founder of the cryptocurrency Tron.

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The EthereumPoW team commenced the expansion of its ecosystem by having the network's native ETHW token listed on several leading exchanges such as Poloniex, Gate.io, Kucoin, OKX, and FTX.

ETHW began trading at a high of $63.29 before plummeting to lows of $4.22 after EtheruemPoW's mainnet went live after the merge.

ETHWs' hashrate has risen consistently since its launch. The hashrate had earlier nosedived due to its smart contract hack, but has recovered slightly since then and is stable at around 48.8 Th/s.

A rising hash rate is a positive signal for ETHW, indicating that the network is attracting miners.

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EthereumPoW's Community

EthereumPoW's community refuses to migrate to Ethereum Classic. The community claims that Ethereum Classic has not matured in the six years since its conception, labelling the network as a 'stagnant Ethereum chain.'

From an open letter to the Ethereum Classic community, translated by Cyrptobasic:

ETC has not grown since its birth. In the past four or five years, it has stood still, stagnant, and failed to establish any ecology. It is conceivable that ETC will continue to be a giant baby in the future. ETC has not been able to attract the computing power pool in the past, and naturally, it will not be able to undertake the computing power pool that was abandoned by ETHPoS in the future

The EthereumPoW community presented pertinent arguments demonstrating how it has eliminated the Ethereum difficulty bomb and modified its chain ID in order to evolve as a fully functional proof of work chain.

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In its future roadmap, the community intends to function as a full-fledged blockchain with its own set of mining pools and nodes.

The community is presently working on helping users set up ETH nodes alongside issuing tutorials on how to join mining pools and helping users set up a wallet through its website.

Although EthereumPoW has only just entered the market, its impact on the wider Ethereum community has not gone unnoticed.

Get the latest news on Ethereum and other cryptocurrencies such as Luna 2.0 and Luna Classic.