Team Behind Ethereum PoW Fork Aims To Launch Network 24 Hours After Merger

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

ETHW Mainnet will be launched 24 hours after the merger

After the Ethereum merger and blockchain transition to Proof of Stake (PoS), a new forked token will be born called Ethereumpow (ETHW). On September 12, 2022, ETHW Core Developers announced that “ETHW Mainnet will occur within 24 hours of the merger”. The lead developer’s blog post notes that “exact time will be announced 1 hour before launch with a countdown and everything including final code, binaries, configuration files, node info, the RPC, explorer, etc. will be made public when the time is up. ”

The ETHW team has published open letters to the ETHW community and a blog post published on August 29 summarizes some of the project’s intentions. ETHW’s core team explains that the group is a group of “crypto geeks and investors from around the world” and they choose to remain anonymous. The post further details the rationale for the ETHW team’s efforts, and the developers point out that blockchain regulation is “ever-increasing” and that “Web3 narratives are under severe pressure.”

The ETHW Core Developers further state:

PoS is indeed a game changer, but only in a bad way. Nonetheless, PoW has a 12-year track record of reliability, robustness, and censorship resistance. It is only safe to pursue an Ethereum PoW, which should be a no-brainer for those who advocate openness and the free market because there is no downside.

IOU Market Data Shows Fork Coin Down 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 obtain ETHW one way or another. Some users will obtain ETHW from crypto exchanges if the crypto company codifies the existence of the new token. People holding ETH in a noncustodial wallet will be able to split their coins like they did with Ethereum Classic (ETC). At the time of writing, data from the ETHW IOU market indicates that the crypto asset is trading at $36.01 per unit. ETHW is down 73% from the all-time high (ATH) released on August 8.

In another letter from the community, ETHW core developers reveal that they are unwilling to freeze ETHW’s liquidity pools. “[ETHW core developers] rejected the proposal to merge the contract freeze code into the main codebase and insisted that no contract pool on the ETHW would be restricted in any way,” the letter states.

Keywords in this story

2miners.com, Antminer E9, Antpool, Binance, Bitfly, Chandler Guo, Coincheck, ETC, ETC fork, ETH fork, Ethereum Classic, ethereum classic (ETC), Ethereum Classic Hashrate, Ethereum Fork, Ethereum PoW, ETHW, ETHW Core Developers , F2Pool, Flexpool.io, ftx, Grayscale ETC, Hiveon, Huobi, Poloniex, Poolin, PoW version of Ethereum, Proof of Work, Proof-of-Stake, The Merge

What do you think of the ETHW fork that should be launched after The Merge? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the News Manager at Bitcoin.com News and a fintech 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 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.




Image credits: Shutterstock, Pixabay, Wiki Commons

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