Relax, Miners Can Still Mine PoW Version of Ethereum (ETHW)
JAKARTA – After making the transition in mid-September, Ethereum officially switched from Proof-of-Work (PoW) to a Proof-of-Stake (PoS) model. This condition makes mining activities impossible. The alternative is staking coins online or staking. Even so, some miners still maintain the PoW (ETHW) version of Ethereum.
The mineable version of Ethereum has garnered a lot of attention since it emerged as a hard fork last month. EthereumPoW may have started an ETH ramification war between their respective backers where Ethereum split into two Ethereum PoW (ETHW) and Ethereum PoS (ETH).
The fork was brought about by former Ethereum miner and ICO investor Chandler Guo, who tweeted on October 14 that more than 100 projects had launched on the network in just over a month.
“Now more than 100 projects on ethw in one month,” said Chandler Guo (@ChandlerGuo) October 13, 2022.
Ethereum co-founder Vitalik Buterin has tried to push Ethereum Classic (ETC) as a network for miners, but Guo argues that this network lacks an ecosystem. Early support from leading mining pools, such as F2Pool, Poolin, AntPool, Nanopool and BTC.com. That means Ethereum PoW will continue to live.
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On October 13, a Chinese blockchain outlet, Wu Blockchain posted an update on the EthereumPoW ecosystem, noting that it has at least 80 “eco-dapps” or services running on it, including DeFi, GameFi, DEX, and NFT.
“As a public chain that is less than a month old, its on-chain ecosystem is already built as well as its next-door competitor, ETC, which has been around for several years,” said Wu.
Several projects from the Wagmi33 Foundation list (a venture capital sub DAO of aWSB, one of the largest global Web3 communities) are mentioned. These include DEXs such as LFGSwap and UniWswap, stablecoin projects such as PaperDAO, the ShibaW copycat memecoin, and the Nuwton NFT marketplace as reported by CryptoPotato.
Wagmi33 also supports the development of a rival domain name service ENS (Ethereum Name Service) called WENS (EthereumPoW Name Service). Guo has dismissed environmental concerns claiming that smart mining operations do not rely on power from a central grid but seek cheap and abundant energy.
At the time of writing, the EthereumPoW (ETHW) cryptocurrency is trading at IDR 111.340 per coin. ETHW had broken through to its all-time high price (ATH) on September 3, 2022 at a price of IDR 871.733 per ETHW. Meanwhile, ETHW broke its all-time low price (ATL) at IDR 62.359, on September 19, according to Coingecko data.