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A Second Ethereum PoW Chain Idea Gains Traction, Poloniex to List ‘Potential Forked’ Token Markets

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Five days ago, influential Chinese crypto miner Chandler Guo explained that a proof-of-work (PoW) version of Ethereum is “coming soon” as the community prepares for the network’s transition to proof-of-stake (PoS) next. month. As usual, the idea of ​​a forked token gets people excited and some frustrated, and while the token has yet to be created, there is now a website called ethereumpow.org that summarizes the purpose of the coin.

Merger Update May Lead to Ethereum PoW Fork, Poloniex Lists 2 ‘Potential Forks’ of Ethereum Token Markets

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If a Ethereum (ETH) transition to the full PoS blockchain next month, there is a very strong possibility that the PoW version will separate from the current version. merger has a penciled date, which could be in the week of September 19 or 44 days later. Guo is a well-known crypto miner and he played a special role in the creation of the Ethereum Classic blockchain network in 2016 (ETC). On August 1, Bitcoin.com News reported that Guo tweeted about a PoW version of Ethereum that is “coming soon” and as he said: “Ethereum PoW is a DAO.”

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Now there is a new website promoting a yet-to-be-released version of PoW for Ethereum called ethereumpow.org, and the web portal claims that a white paper is coming soon. Website “Community” [and] contributors” says: “To raise our Ethereumpow, we need a village. Many communities, exchanges, miners and individuals have worked together to make ETHW possible.” Domain Statistics From the Whois records, it follows that the web portal was registered on July 31, 2022. The name and identity of the owner of the ETHW website have been “redacted for privacy purposes,” the online record site says.

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Cryptocurrency exchange Poloniex, backed by Justin Sun of Tron, announced that the trading platform will transfer ETHW. After Poloniex tweeted about the ETHW listing, Sun retweeted the announcement to his 3.3 million Twitter followers. “The Ethereum merger is expected to take place in September 2022,” the exchange said in a statement. wrote. “Poloniex was the first exchange in the world to list Ethereum and now the first to support a potential fork Ethereum listing two potential ramifications Ethereum tokens: ETHS and ETHW.

Poloniex spearheaded the attack during ETCcreation

Poloniex was also first exchange in the list ethereum classic (ETC). AT now deleted tweet, one of the members of the Slock.it development team, Stefan Tual, remarked that Poloniex is “leading the initiative”. At the time, Poloniex’s “troll box” was at its peak, with the exchange making an estimated $11.89 million. ETC trading volume as of July 24, 2016. ETC still exists today as it is currently the 19th largest crypto asset in terms of market valuation. In an interview with Bloomberg Chandler Guo spoke about the benefits of ETHW compared to ETC.

Second Ethereum PoW Chain Idea Gains Momentum, Poloniex Lists 'Potential Forked' Token Markets
Excerpt from a Bloomberg interview with Chandler Guo discussing and comparing ETHW to ETC.

Was born in Ethereum block height 1 920 001, Ethereum Classic capitalized on the penciled merger date and gained 51.2% in the last two weeks, and ETC jumped 148.5% higher in the last 30 days. ETC also seen slight increase in hashrate but in the last week ETChashrate growth has slowed down. A few months before the most recent hash rate spike, ETC the maintainers wrote that the community welcome Ethash miners to the Ethereum Classic ecosystem.

Bitmex Research: “It is likely that the chain extended past the merge point, however, whether this chain has any economic significance remains open”

In addition, on August 1, Bitmex Research published Blog post titled “ETHPoW vs. ETH2”, which addresses a hypothetical debate over two potential Ethereum networks. A blog post written by Bitmex Research concludes, “arguing that while the ETHPoW chain may have many technical issues and its long-term viability is in question, its existence could provide an exciting opportunity for traders and speculators in the short to medium term. ”

Second Ethereum PoW Chain Idea Gains Momentum, Poloniex Lists 'Potential Forked' Token Markets
Bitmex Research published a blog post titled “ETHPoW vs. ETH2” on August 1, 2022.

Besides Poloniex, Huobi Global plans to transfer any potential offshoots that are created when the merge occurs. Huobi will distribute branched assets as long as they meet certain requirements, the company said on Friday. When Poloniex releases the “Potential forked” token markets next week, it will be interesting to see how traders and speculators evaluate the ETHW token. It is possible that the futures markets could eclipse ETCrecent achievements.

What do you think about the possibility of separating the ETHW chain from Ethereum when the chain moves to PoS? Let us know your thoughts on this in the comments section below.

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Credit : news.bitcoin.com

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