The long-awaited Ethereum Merge is almost here, but not everyone is enthusiastic about the significant upgrade. A group calling itself ETHW Core has spoken out against the upgrade and is set to conduct a hard fork within 24 hours after the Merge.
Under the project name ETHPoW with the token ETHW, ETHW Core plans to split from the main ETH blockchain and launch its own blockchain. They intend to keep a PoW version running after the Merge to keep ETH mining alive.
“The ETHW mainnet will go live within 24 hrs of the Merge. The exact time will be disclosed with a countdown timer one hour before launch. Everything, including final code, binaries, configuration files, node information, RPC, explorer, and so on, will be made public when the timer runs out,” according to a Sept. 13 tweet from the group.
The Merge will transition the Ethereum network from its present PoW mining mechanism to a PoS consensus mechanism. This will phase out miners and replace them with validators.
The group outlined their reasons in an open letter issued on August 29, that why, in their perspective PoS is a game changer but only in negative ways.
“It is only prudent to maintain a PoW Ethereum, which should be a no-brainer for those who support openness and free markets because there is no downside. After all, why would anyone be afraid of competition if PoS Ethereum is truly that great?”
However many others in the community believe the fork is motivated by money rather than ideological disagreements. Furthermore, substantial questions have been raised about the forks ChainID and whether they would increase the risk of replay attacks and other hacks.
If all goes according to plan, the ETH Merge will take place in less than a day.
At the time of writing, the ETHPoW token is trading at $34.04, however, it only exists as a futures ticker, conceived in anticipation of the upcoming fork. The price of Ether (ETH) is currently trading at $1,600, down 6.5% in the last 24 hours.
Read also: ETHEREUM PRICE ANALYSIS : Can This Ascending Channel Trendline Prevent Further Ethereum Price Falls?
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Topic: ETHW Core to Push ETH PoW Fork 24hrs After Merge (Read 25 times)