Is the EthereumPoW Autonomy Transition a step towards a more decentralized future? The EthereumPoW (ETHW) community seems to think so, having recently announced their decision to disband the organization. This move, agreed upon by the majority, is in line with the promises made during the initial fork and marks a significant stride towards complete decentralization.
The Journey to Self-Sufficiency
The decision to dissolve was not taken lightly. It came after a comprehensive review of ETHW’s capacity to operate independently, without the need for Core’s support. This involved a meticulous evaluation of the technical and operational prerequisites for ETHW to function autonomously.
The resolution encompasses the dissolution of the EthereumPoW (ETHW) Core development team, thereby achieving full autonomy. This means upholding the Proof of Work (PoW) consensus as the foundation for the chain and ensuring its long-term maintenance. In addition, it involves embracing decentralized governance to evolve into a public chain without a central authority.
Transitioning to OneDAO
Simultaneously, plans are underway to transition the existing EthereumPoW servers to OneDAO, a decentralized protocol on the Harmony network. This move is designed to guarantee transitional maintenance until long-term ecological partners can be established.
The Genesis of EthereumPoW
The EthereumPoW blockchain was born out of a hard fork, separating from the Ethereum mainnet just before the Ethereum Merge upgrade in September 2022. This upgrade marked the network’s transition from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus mechanism, resulting in a massive 99% reduction in mainnet energy usage.
However, the increased centralization associated with the new Ethereum PoS consensus led to dissatisfaction among developers. EthereumPoW was thus created by former Ethereum miner and ICO investor Chandler Guo, with the support of miners who were unhappy about the loss of mining revenue. The goal was to preserve the original vision of Ethereum.
Despite the excitement surrounding the EthereumPoW Autonomy Transition, it’s worth noting that Grayscale, a well-known crypto investment firm, decided to relinquish all rights to ETHPoW tokens in September this year. The firm stated that, after a thorough evaluation, ETHPoW tokens lacked substantial liquidity and were not supported by the custodian of the products.
As the EthereumPoW community navigates its path towards full autonomy, tools like cryptoview.io can provide valuable insights into the blockchain’s performance and trends. This data can be instrumental in informing future decisions and strategies.
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