With the completion of the merger of Ethernet on the 15th, officially changing from proof-of-work to proof-of-equity blockchain, the elimination of POW has caused a large number of Ethernet miners to flee to other places, and the ETHW fork, which is claimed to protect the interests of the miners, attracted less than 9% of Ethernet arithmetic after going online on the main network, and a large amount of arithmetic power has been swarmed to other currencies, such as ETC and RVN, and so on.而 The prospect of ETH PoW is also a hot topic in the cryptocurrency world.
Major Exchanges Supporting ETHW
Bitget
Bitget announced on September 15, 2022 that ETHPoW (ETHW) has been launched in theInnovation ZoneOnline.
OKX
OKX announced on September 16, 2022 that ETHW-USDC and ETHW-WETH tokens are now supported on the ETHW chain. In addition, leveraged trading of ETHW/USDT, Balance Bucks and ETHWUSDT perpetual contracts are now supported.Simultaneous opening。
Binance
據Official AnnouncementThis will be done in accordance with the Snapshot time of September 15, 2022 14:42:42, based on the net balance of eligible wallet ETH in 1ETH = 1ETHW The process of distributing ETHWs and crediting them to the Spot Wallet usually takes about two to five days.
In addition, for ETHW transactions and uploads to CoinSafe, ETHW will go through the same rigorous uploading process that CoinSafe applies to any other token. Supporting this distribution does not guarantee that ETHW will be coined, and it is CoinSafe's internal policy not to make any coin guarantees.
FTX
FTX on September 15, 2022bulletinThe ETHW/USD spot trading pair is now online.
Bybit
Bybit on September 15, 2022bulletin， ETHW/USDT spot trading pair is now online.
Additionally, to celebrate the 10 million user milestone, users canEnjoy zero handling fee for a limited timeSpot trading ETHW.
How to Recognize ETHW in Metamask
If you have ETH stored on a chain (e.g. in a hot or cold wallet), you can use Metamask to claim your ETHW, which you can then deposit on a centralized exchange for trading.
initial step: Open your MetaMask wallet and click the Home button at the top.
second step: Click on the "Add Network" button in the pop-up menu.
third step: On the Add Network page, fill in the following parameters in order and click the Save button:
Network Name: ETHW-mainnet
New RPC URL: https://mainnet.ethereumpow.org
Chain ID: 10001
Currency Symbol：ETHW
Browser website: https://mainnet.ethwscan.com
ETHW Prospects
The overwhelming community support for this merge to PoS means that almost all Ether projects are migrating to the merged Ether chain and will not support any PoW forks.
According to the EthwMine Pool, there are currently 274 miners in the ETHW pool, and many cross-chain bridges such as Chainge Finance have started to connect to EthereumPoW.
According to the current statistics of the 2mines main network, the total computing power of the ETHW main network is about 36.16 TH/s, which is only 4.7% of the total computing power of 769 TH/s before the merger of the Ethernet main network, reflecting that most of the computing power is not centralized in the mining of ETHW.
At this stage, ETHW is viewed as an immediate opportunity to sell for “Free Money”, but the price will not change until the mainnet goes online and theIt hit around $60 after its IPO, but then fell all the way down to $4.6, a drop of 90%.
Whether ETHW will play a significant role in cryptocurrencies (similar to ETC) is still unknown, but we can look at the following points to get a sense of the viability of EthereumPoW.
- Energy
Since there is no longer a need to solve mathematical puzzles, ensuring the energy consumption of a PoS blockchain becomes irrelevant, and so Ethernet's move from PoW to PoS means that the blockchain's energy use will be reduced by about 99%, which is the same amount of energy that theThe main reason why Ether is moving from PoW to PoS。
- Economy
In PoW, all newly produced tokens and fees go to the miner, while in PoS, newly produced tokens go to the pledger. This means that anyone holding tokens can pledge them and receive the proceeds. Since some miners felt that they should not be abandoned, this is why they decided to set up their own gateway to the fork.
- Interests
As mentioned above, miners have to fork ETHPoW in order to get their rewards. In reality, the EtherPoW team has always viewed PoS as one of the Roadmap milestones, which not only reduces energy usage, but also increases the incentives for pledging by distributing rewards more equitably to verifiers from the perspective of the token economy.
From this perspective, if only some of the miners decide to fork the chain purely for the sake of incentives and benefits, and most of the projects and users in reality have a consensus to move to the PoS chain, then how far can EthereumPoW go?
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