EthereumPoW, an ETH fork at a standstill?

Activated after the migration ofEthereum towards PoS, EthereumPoW has since become similar to a empty shell. Promoted by minersa project without a future ?

Ethereum’s move from Proof of work to Proof of stake was not completely unanimous, especially among some miners of the older version of the blockchain. EthereumPoW was thus born after The Merge.

Its creation was promoted by a former Chinese miner, Hongcai Guo. His initiative was supported by mining equipment manufacturers and some exchanges. Blockchain made for miners, EthereumPoW has since remained at a standstill.

An Ethereum fork without developers and projects?

After the launch in September 2022, the code base has indeed remained unchanged. This is highlighted by the project’s GitHub. The Ethereum client of the fork, Geth, has only beenno proposal for an update.

For 7 months, unlike Ethereum PoS, the source code is unchanged. Of course, this does not prevent the network from working and its native token from being quoted. However, this situation is an indicator for ETHW holders.

In fact, this is what did not fail to criticize one of the artisans of another Ethereum fork, Ethereum Classic. On Twitter, the director of ETC Cooperative, Bob Summerwill, pinned Blockchain and the value of its token.

Ethereum Classic in competition with EthereumPoW

The fact that a low-effort project has a market of over $300 million shows us how weak the price signal is,” the executive commented on the social network.

As a contributor toEthereum ClassicETC Cooperative naturally has an interest in denigrating an opponent. However, since its inception in 2016, this fork has also recorded very moderate on-chain activity.

Moreover, despite 7 months of inactivity in terms of developments, it is still too early to conclude that EthereumPoW has failed, with its marketcap more than halved since October. What is certain, however, is that the proof-of-stake blockchain is continuing to develop.

Ethereum PoS continues its development

Most of the DApps have migrated to the new network. Ethereum PoS remains the reference Ethereum blockchain and the risk of a split raised by JPMorgan has not materialized.

Since the rollout of the Shapella (aka Shanghai) update, tokens in staking can be removed. This feature would also be of interest to institutions.

Other software developments are being studied on the Ethereum PoS side, as reported by Galaxy. The developers were meeting last week to discuss the roadmap of the blockchain. The opportunity for them to approve the next EIP (Ethereum Improvement Proposal).

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