While the merge is expected to take place in less tomorrow, the Ethereum proof-of-work (PoW) fork should be launched 24 hours after the transition, according to ETHW developers. On August 8, 2022, ETHW was trading for $141 per unit and today the crypto asset has lost 73% of its dollar value.
ETHW’s Mainnet launched 24 hours after the merger
After the Ethereum merger and the blockchain’s transition to proof-of-stake (PoS), a new forked token will be created under the name ETHW (Ethereumpow (ETHW)). On September 12, ETHW’s core developers announced that the ETHW backbone would be implemented within 24 hours of the merger. “The lead developer’s statement on Medium notes that “the exact time will be announced one hour before launch with a countdown timer and that everything, including final code, binaries, configuration files, node information, RPC, explorer, etc. will be made public at the end of the delay“.
The ETHW team has published open letters to the ETHW community as well as a website, an article published on August 29 summarizes some of the project’s intentions. The ETHW core team explains that the group is composed of “Geeks and crypto-currency investors from around the world.” and that they have chosen to remain anonymous. The post goes into more detail about the rationale behind the ETHW team’s efforts, and the developers point out that blockchain regulation is “constantly increasing” and that “Web3 narratives are under serious strain.“
The ETHW lead developers further state:
PoS is indeed a game changer, but only in the wrong direction. Nevertheless, PoW has a 12-year track record of being reliable, robust, and censorship-resistant. It is only prudent to pursue an Ethereum PoW, which should be a no-brainer for those who advocate openness and the free market, as there is no downside.
IOU market data shows that the Fork coin is down 73%, the core developers chose to reject the proposal to merge the contract freeze code.
The birth of a new ethereum-like fork means that all ethereum owners will be able to get ETHW in some way. Some users will get ETHW on crypto-currency exchanges if the crypto-currency company codifies the existence of the new token. People holding ETH in an unguarded wallet will be able to split their coins as they did with ethereum classic. At the time of writing, ETHW IOU market data shows the crypto asset trading at $36.01 per unit. ETHW is down 73% from the all-time high (ATH) printed on August 8.
In another open letter, ETHW core developers reveal that they are not ready to freeze ETHW liquidity pools. “[ETHW core developers] Rejected the proposal to merge the contract freezing code into the core code base and insisted that no contract pools on ETHW be restricted in any way “, the letter states.