While the merger is expected to take place 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. In the year On August 8, 2022, ETHW was exchanged at $141 per unit, and today the crypto asset has decreased by 73% in USD.
ETHW Mainnet will start 24 hours after the integration
After the Ethereum merger is completed and the blockchain transitions to Proof-of-Stake (PoS), a new fork token is called EthereumPow (ETHW). On September 12, 2022, ETHW Core developers announced that “the ETHW mainnet will happen within 24 hours after the merger. “The actual time is defined by a 1-hour countdown timer, and everything including final code, binaries, configuration files, nodes information, RPC, Explorer, etc. will be released when the time expires,” says the main developer’s blog post. “
The ETHW team published open letters to the ETHW community, and a blog post on August 29 summarized some of the project’s goals. The ETHW core team explains that the group is a collection of “geeks and crypto investors from all over the world” and are choosing to remain anonymous. The article further details the reasoning behind the ETHW team’s efforts, and the developers explain that blockchain regulation is “increasing all the time” and that “web 3 narratives are in serious trouble.”
The ETHW core developers also say:
PoS is indeed a game changer, but in bad ways. However, PoW has a 12-year track record of being reliable, robust and censorship-resistant. Continuing PoW Ethereum is just smart, which should be a no-brainer for those who support transparency and a free market, as there are no downsides.
IOU market data shows that the fork’s coin is down 73%, as core devs rejected the proposal to merge the contract cooling code.
The birth of a new Ethereum-type fork means that anyone who owns Ethereum (ETH) can acquire ETHW in some fashion. Some users will get ETHW from crypto exchanges if the crypto company confirms the existence of the new token. People who hold ETH in a non-holding wallet can split their coins just like ethereum classic (ETC). At the time of writing, ETHW IOU market data indicates that the crypto asset is trading at $36.01 per unit. ETHW is down 73% from its all-time high (ATH) posted on August 8.
In another community letter, ETHW core devs stated that they refuse to tie ETHW liquid pools. “[ETHW core developers] Rejecting the proposal to merge the contract cooling code into the main codebase, he insisted that no contract pool on ETHW could be limited in any way.
What do you think about the ETHW fork expected to launch after the merger? Let us know what you think about this in the comments section below.
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