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Despite a tumultuous few weeks since its debut, the team behind EthereumPoW (ETHW), a proof-of-work fork of the Ethereum Blockchain, has finally revealed plans to deploy its hard fork shortly after the September 15 Ethereum Merge.
"ETHW mainnet will occur within 24 hours of the Merge," said @EthereumPow on Twitter. "The precise time will be disclosed with a countdown timer one hour before the launch, and everything, including the final code, binaries, config files, nodes data, RPC, explorer, etc., will be made public at the end of the countdown."
The Ethereum merging later this week will convert the second-largest blockchain by market capitalization to a consensus mechanism based on proof-of-stake, eliminating the requirement for energy-intensive mining operations. Miners, hesitant to give up their cash source, have advocated forking Ethereum or beginning to mine alternative blockchains in response to this development.
Several exchanges, including Poloniex, Bitfinex, and Coinbase, have indicated interest or have already listed the split ETHW. According to CoinMarketCap, ETHW has dropped by 49% from its all-time high of $141.36 on August 8 to its current trading price of $29.52.
According to the @EthereumPoW account, the mainnet will begin with 2,048 empty blocks following the Merge block, providing padding to verify that the chainID correctly changes and that the chain is the longest of ETHW.
Additionally, this offset will avoid duplicate blocks on ETH and ETHW.
The account states, “Therefore, the Merge block + 2049 will be the first block on ETHW that may include transactions.”
Chandler Guo, a Chinese cryptocurrency miner, conceived up EthereumPoW and announced the proof-of-work hard fork on Twitter on July 27, 2022.
The intention to activate the EthereumPoW mainnet following the merging was criticized by ETHW detractors, notably Ethereum Classic creator Igor Artamonov. “It’s like losing 90% of momentum on launch,” he wrote. “No one would take it seriously if it’s not a continuous/unbroken chain.”
Additionally, Artamonov questioned the claimed purposes of the hard fork.
“‘PoW is more secure’ might be the key selling point,” he tweeted. Why do they offer it under the guise that miners need to make money? That is absurd. Not for this reason would anyone utilize a blockchain. Safety would be a more compelling reason.”
Guo has not yet replied to Decrypt’s request for comment.