2nd Ethereum PoW Chain Idea Gaining Momentum, Poloniex To List ‘Potential Slot’ Token Market – Bitcoin News
Five days ago, influential Chinese miner Chandler Gu explained that a Proof of Work (PoW) release of Ethereum is “soon” as the community prepares for the network’s transition to Proof of Stake (PoS) next month. As usual, the idea of a cryptocurrency gets people excited and some people are upset, and although the token has yet to be created, there is now a website called ethereumpow.org that outlines the goals of the coin.
Merge Upgrade Could Produce Ethereum PoW Fork, Poloniex to List of 2 “Potential Forked” Ethereum Token Markets
If Ethereum (ETH) moves to a full-fledged PoS blockchain next month, there is a very good chance that the PoW version will move away from the current one. The consolidation has a date set in pencil that can happen in the week of September 19, or 44 days from now. Guo is a well-known crypto miner who played a defining role in the creation of the Ethereum Classic (ETC) blockchain network in 2016. On August 1, Bitcoin.com News reported Guo’s tweet about a PoW release of Ethereum “soon” and how he said, “ETH PoW is DAO .”
There is now a new website promoting the yet-to-be-born version of ethereum PoW called ethereumpow.org, and the web portal claims that the white paper will be released soon. Site community [and] The contributors section says: “It takes a village to raise Ethereumpow. A number of communities, exchanges, miners, and individuals have worked together to make ETHW possible.” Domain statistics from Whois records indicate that the web portal was registered on July 31, 2022. The name and identity of the ETHW site owner have been “revised for privacy,” the Internet Records List website says.
– ETHPoW (EthereumPoW) August 3, 2022
Crypto exchange Poloniex, backed by Tron’s Justin Sun, has announced that the trading platform will list ETHW. After Poloniex tweeted about the ETHW listing, Sun retweeted the announcement to its 3.3 million Twitter followers. “Ethereum is expected to merge in September 2022,” the exchange Wrote. “Poloniex was the first exchange in the world to list ETH and is now the first to support a potential ETH fork by listing two potential ETH forked tokens: ETHS and ETHW.”
Poloniex did the job while creating ETC
Poloniex was too The first exchange on the list Ethereum Classic (ETC). in Tweet now deletedA member of the Slock.it development team, Stefan Toal, noted that Poloniex is “leading the job”. At the time, Poloniex’s ‘trolley fund’ was going wild and the exchange saw nearly $11.89 million in ETC trading volume on July 24, 2016. Although it had a 51% hiccup in the attack, ETC It still exists today as it currently ranks 19th in the list of crypto assets in terms of market valuation. In an interview with Bloomberg, Chandler Joe to speak About the advantages of ETHW compared to ETC.
Ethereum Classic was born at a high of 1,920,001 ETH block, reaping benefits from the date of the inline merger, and over the past two weeks it is up 51.2%, and ETC has jumped 148.5% over the last 30 days. ETC has also seen a slight increase in the hash rate but over the past week, the rise in the hash rate of ETC has diminished. Months before the latest hash rate spike, ETC moderators wrote that the community welcomed Ethash miners into the Ethereum Classic ecosystem.
fwiw, we have full support behind ETH PoS, as well as ETC, and we have no intention of supporting any ETH PoW fork. ETH miners should switch to ETC to increase their returns in the long run. so easy
– Barry Silbert August 6, 2022
Bitmex Research: “The chain is likely to extend beyond the consolidation point, however, whether or not this chain has any economic significance is an open question”
Moreover, on August 1, Bitmex Research published a blog post titled “ETHPoW vs ETH2,” which examines a hypothetical discussion of two potential Ethereum networks. The blog post, written by Bitmex Research, concludes, “While the ETHPoW chain may face many technical challenges and its long-term viability is called into question, its existence may present an exciting opportunity for traders and speculators in the short to medium term.”
In addition to Poloniex, Huobi Global plans to list any potential forks created when the merger occurred. Huobi said Friday that it will distribute the forked assets if it meets specific requirements. When Poloniex releases the “forked potential” token markets next week, it will be interesting to see what traders and speculators will appreciate for the ETHW token. It is entirely possible that the futures markets will overshadow the recent ETC gains.
What do you think about the possibility of an ETHW chain decoupling from Ethereum when the chain moves to PoS? Tell us your thoughts on this topic in the comments section below.
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