Proponents of Ethereum's PoW fork call it 'inevitable'

Proponents of Ethereum's PoW fork call it 'inevitable'

Ethereum PoW fork supporters called it

The Merge update will inevitably lead to the emergence of a PoW fork of Ethereum as a response to a request from the community, miners, hardware manufacturers and exchanges. This was stated by representatives of the network branching project.

At the end of July, influential miner Chandler Goh proposed the idea of ​​launching an Ethereum fork that would continue to run on the Proof-of-Work (PoW) algorithm. The new Ethereum PoW (ETHW) network is designed to enable cryptocurrency miners to continue working after the merger of the Ethereum mainnet with Beacon Chain and the transition to Proof-of-Stake (PoS).

Ethereum developers have scheduled the activation of the update on September 15-16 .

The Merge: what to expect from Ethereum's biggest update

On August 9, the head of the ETC Cooperative, Bob Summerville, sent an open letter to Guo, in which he questioned the feasibility of the fork. In his opinion, the supporters of the project simply did not have time to solve the necessary technical and organizational problems.

Summerville also noted that even if a new network were to appear, he did not see any benefit for consumers in it. It will not arouse interest among issuers of the largest stablecoins, DeFi and NFT projects, as well as most developers of Ethereum applications, Summerville expressed confidence.

In conclusion, he suggested that miners after The Merge switch to mining the existing fork – Ethereum Classic (ETC), whose ecosystem is driven by the organization he leads.

In a response letter to Summerville, ETHW supporters refuted his main arguments. On the technical side, they reported that a core development team had been formed that:

  • defused the difficulty bomb;
  • updated the network ID;
  • added attack protection replay.

A testnet has been created to test the solutions, and the Ethereum codebase requires minimal changes for the fork, and they are «almost complete», ETHW representatives added.

According to them, a group of enthusiastic volunteers leads «around the world» work with exchanges and wallet providers. Currently, six platforms support ETHW transactions in the form of IOUs or futures.

Regarding the lack of interest in the new network, ETHW proponents stated that industry players «will not want to miss the opportunity». In their opinion, there is a wide demand in the Ethereum community to preserve the PoW chain. They promised to present specific steps to develop the ecosystem in three weeks.

To Summerville's proposal to switch to ETC mining, ETHW supporters indicated that its network hashrate is 27 TH/s, while after the transition of Ethereum to PoS, 996 will be released TH/s. In their opinion, a small ETC mining pool simply cannot accept such power.

«ETC hasn't grown since birth. Over the past five or six years, it froze, stagnated and was unable to create any ecosystem. It is quite possible that ETC will remain a giant baby», the developers added.

Recall, JPMorgan analysts admitted that ETC will become the main beneficiary of the influx of miners after the transition of Ethereum to PoS.

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CoinShares experts were also skeptical about the viability of potential ETHW.

The world after The Merge: whether to wait for the price of Ethereum Classic to rise

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