Second Ethereum PoW Chain Idea Gains Traction, Poloniex to List ‘Potential Forked’ Token Markets – Bitcoin News

Five days ago, influential Chinese crypto miner Chandler Guo explained that a proof-of-work (PoW) version of Ethereum is “coming soon” as the community prepares for the network’s upcoming transition to proof-of-stake (PoS). month. As usual, the idea of ​​a forked token excites people and some people are annoyed, and although the token has not been created yet, there is now a website called ethereumpow.org that outlines the goals of the coin.

Merger Update Could Produce Ethereum PoW Fork, Poloniex To List 2 “Potential Forked” Ethereum Token Markets

If Ethereum (ETH) transitions to a full PoS blockchain next month, there is a strong possibility that a version of PoW will separate from the current version. The merger has a date listed that could take place in the week of September 19 or within 44 days. Guo is a well-known crypto miner and played a specific role in the 2016 creation of the Ethereum Classic (ETC) blockchain network. On Aug. 1, Bitcoin.com News reported that Guo tweeted about a PoW version of Ethereum “coming soon” and how he said, “ETH PoW is DAO.”

There is now a new website promoting the yet to be born Ethereum PoW version called ethereumpow.org, and the website claims that a white paper is coming soon. The “community” of the website [and] The contributors section says: “It takes a village to raise our Ethereumpow. Numerous 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 owner of the ETHW website have been “redacted for privacy purposes,” the listing site says. of internet logs.

Cryptocurrency exchange Poloniex, backed by Tron’s Justin Sun, has announced that the trading platform will include ETHW. After Poloniex tweeted about the ETHW listing, Sun retweeted the announcement to his 3.3 million Twitter followers. “Ethereum Merge is expected to be in September 2022,” the exchange said wrote. “Poloniex was the first exchange in the world to list ETH and now the first to support the potential fork of ETH with the listing of two potential forked ETH tokens: ETHS and ETHW.”

Poloniex led the charge during the creation of ETC

Poloniex was also the first exchange to list Classic Ethereum (ETC). in a tweet now deleted, one of Slock.it’s development team members, Stephan Tual, commented on Poloniex “leading the charge.” At the time, Poloniex’s ‘troll-box’ was running amok and the exchange recorded an ETC trading volume of approximately $11.89 million on July 24, 2016. While it has experienced a number of mishaps from attack by the 51%, ETC still exists today as it is currently the 19th largest crypto asset in terms of market valuation. In an interview with Bloomberg, Chandler Guo speak about the advantages of ETHW compared to ETC.

Second Ethereum PoW Chain Idea Gains Traction, Poloniex To List 'Potential Forked' Token Markets
A section of a Bloomberg interview with Chandler Guo on ETHW and its comparison to ETC.

Born at ETH block height 1,920,001, Ethereum Classic has profited from the penciled merge date, and over the past two weeks has gained 51.2%, and ETC jumped 148.5% over the past few weeks. 30 days. ETC has also seen a slight hash rate increase, but over the past week, ETC’s hash rate increase has slowed. Months before the most recent hashrate spike, ETC maintainers wrote that the community welcomed Ethash miners to the Ethereum Classic ecosystem.

Bitmex Research: “The chain is likely to extend beyond the melting point, however whether or not this chain has any economic significance is an open question”

Also, on August 1, Bitmex Research published a blog post called “ETHPoW vs ETH2”, which examines a hypothetical debate about the two possible Ethereum networks. The blog post, written by Bitmex Research, concludes “by arguing that although the ETHPoW chain may have many technical challenges and its long-term viability is in question, its existence may provide an exciting opportunity for traders and speculators in the short and medium term. . ”

Second Ethereum PoW Chain Idea Gains Traction, Poloniex To List 'Potential Forked' Token Markets
Bitmex Research published a blog post called “ETHPoW vs ETH2” on August 1, 2022.

In addition to Poloniex, Huobi Global plans to list any potential forks that are created when The Merge takes place. Huobi will distribute forked assets if they meet specific requirements, the company said on Friday. When Poloniex launches the “potentially forked” token markets next week, it will be interesting to see which traders and speculators value the ETHW token. It is quite possible that futures markets could overshadow ETC’s recent gains.

Tags in this story

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What do you think about the possibility of an ETHW chain decoupling from Ethereum when the chain transitions to PoS? Let us know your thoughts on this topic in the comments section below.

jamie redman

Jamie Redman is the news lead at Bitcoin.com News and a fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.




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