According to the ETHW developers, while the merge is expected to happen in less than two days, the Ethereum proof-of-work (PoW) fork is set to go live 24 hours after the transition. On August 8, 2022, ETHW exchanged hands for $141 per unit and today the crypto asset USD is down 73% in value.
ETHW will launch 24 hours after mainnet merge
After the merger of Ethereum and the transition to Proof-of-Stake (PoS) of the blockchain, a new forked token will be born called Ethereumpo (ETHW), On September 12, 2022, the ETHW core developers announced that “the ETHW mainnet will be merged within 24 hours.” of core developer blog post Notes “The exact time will be announced 1 hour before launch with a countdown timer and everything including the final code, binaries, config files, nodes info, RPC, Explorer, etc. will be made public when the time is up.” “
The ETHW team has published an open letter to the ETHW community and a blog post Published on August 29 summarizes some of the intentions of the project. The ETHW core team explains that the group is a group of “geeks and crypto investors from around the world” and they are choosing to remain anonymous. The post further details the rationale behind the efforts of the ETHW team, and the developers highlight that blockchain regulation is “always growing” and that “the Web3 narrative is under serious strain.”
The ETHW Core developers further explain:
PoS is indeed a game changer, but only in bad ways. Nevertheless, PoW has a 12-year track record of being reliable, robust and censorship-resistant. It is prudent to continue with PoW Ethereum, which should be unintentional for advocates of openness and free markets as it has no downsides.
IOU Market Data Shows Fork Coin Down 73%, Core Developers Reject Proposal to Merge Contract Freezing Code
The birth of a new Ethereum-style fork means that everyone who owns Ethereum (ETH) will be able to get ETHW in some fashion. If the crypto company codifies the existence of the new token, some users will receive ETHW from crypto exchanges. people wearing ETH will be able to split their coins in a non-custodial wallet as they did with Ethereum Classic (e.t.c) At the time of writing, ETHW IOU market data Indicates that the crypto asset is trading for $36.01 per unit. ETHW is 73% lower than its all-time high (ATH) printed on August 8.
in another community letter, ETHW Core developers revealed that they are not ready to freeze the ETHW liquidity pool. ,[ETHW core developers] rejected the proposal to merge contract freezing code into the main codebase and insisted that no contract pools on ETHW be restricted in any way,” the letter clarifies.
What do you think about the expected launch of the ETHW fork after the merger? Let us know what you think about this topic in the comment section below.
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