ETHW seeks to fork off from the main Ethereum chain in order to maintain mining activity via Proof-of-Work by creating its own independent chain.
Ethereum hard forks are approaching, yet not everyone is excited by them. An organization known as ETHW Core has voiced its displeasure with these changes and plans to conduct a hard fork 24 hours post Merge.
ETHW Core plans to break off from the main Ethereum blockchain and establish its own PoW version in order to continue mining ETH after Merge; under this project name and token issuing, this token would become known as ETHPoW tokens.
Within 24 hours of Merge, ETHW Mainnet will be released with all final code, binaries, configuration files, node info, RPC protocols and explorers being made public 1 hour before launch time – complete with a countdown timer to signal its moment.”
The Ethereum network will transition away from its current proof-of-work (PoW) mining model towards proof-of-stake (PoS), replacing miners with validators.
In their open letter on August 29th, they laid out why they believe “PoS is a game-changer in its negative aspects:”
“Ether PoW should be seen as an easy choice for openness and free market advocates who advocate competition – there are no downsides.” “… It would be foolish not to implement Ethereum PoW, which should come as no surprise if the cryptocurrency is as great as advertised, given all that competition it provides.”
One school of thought suggests that fork is determined more by economic interests than ideologies differences within a community.
There have been serious reservations raised about ForkID and whether or not it will increase the risk of replay attacks and other forms of hacking.
Viktor Bunin, a protocol specialist from Coinbase Cloud, informed that he contacted ETHW Core seeking clarification but no response was provided in return.
Tomorrow should see the Ethereum Constantinople hard fork take place as planned.
ETHPoW token futures ticker currently trade at $29.71 to signal its fork; Ethereum price currently sits at $1,599 which has declined 2.26% over the past seven days.