Even weeks after its announcement, the team behind EthereumPoW (ETHW), a proof-of-work splinter from the Ethereum blockchain, has finally announced plans to launch its hardfork shortly after the Ethereum Merge on September 15th. .
“ETHW mainnet will be merged within 24 hours,” @EthereumPow Twitter account posted. “Exact times will be announced 1 hour before launch with a countdown timer, and everything including final code, binaries, config files, nodes info, RPC, Explorer, etc. will be made public when the time is up.”
The Ethereum merge later this week will turn the second-largest blockchain by market cap into a proof-of-stake consensus mechanism, eliminating the need for energy-intensive mining operations. The move has created a rift in the Ethereum ecosystem as miners are unwilling to give up their revenue streams – proposing to fork Ethereum or launch other blockchains.
Several exchanges have expressed interest in or have already listed forked ETHW, including Poloniex, Bitfinex and Coinbase. According to CoinMarketCap, ETHW is down 49% from its all-time high of $141.36 on August 8 to its current trading price of $29.52.
According to @EthereumPoW accounts, the mainnet will introduce 2,048 empty blocks beyond the merge block, adding padding to ensure that ChainID—a unique identifier to differentiate between blockchains—is successfully switched, and that the chain will be ETHW’s longest. is series.
This offset will also prevent duplicate blocks on both ETH and ETHW.
“Therefore, the merge block +2049 will be the first block on ETHW in which any transaction can take place,” the account states.
EthereumPoW is the brainchild of Chinese crypto miner Chandler Guo, who announced a proof-of-work hardfork on Twitter on July 27, 2022.
ETHW critics, including Ethereum Classic developer Igor Artamonov, took issue with plans to launch the EthereumPoW mainnet after the merger. “It’s just like losing 90% speed on launch,” he wrote. And nobody will take it seriously if it is not a continuous/non-stop series.
Artamonov also questioned Hardfork’s alleged motives.
“Might be the main selling point ‘PoW is more secure,'” he tweeted. “But they sell it under the headline ‘miners need to make money’.” Why??? This is stupid. That’s why people will not use blockchain. ‘Safety’ would be a better reason.”
The main selling point might be “pow is more secure”. But they sell it under the headline “miners need to make money”. Why??? This is stupid. That’s why people will not use blockchain. “Safety” would be a better reason 3/9
— Igor Artamonov (@splix) 12 September 2022
Guo has not yet responded to a request for comment decrypt,