After intense deliberation and a consensus reached by the majority,, the EthereumPoW (ETHW) organization has officially announced its decision to dissolve. This move is in line with the organization’s commitment to complete decentralization. In a blog post, ETHW stated that the unanimous agreement to dissolve was based on a thorough evaluation of its ability to operate independently without relying on Core’s support. This evaluation encompassed an assessment of the technical and operational conditions required for ETHW to function autonomously.
To achieve full autonomy, the EthereumPoW Core development team will also be dissolved. This decision is crucial in upholding proof-of-work (PoW) as the underlying consensus for the chain and ensuring its longevity. In addition to dissolving the team, ETHW is embracing decentralized governance to become a deity-less public chain. This shift towards decentralization demonstrates the organization’s commitment to preserving and promoting the ideals of Ethereum.
As part of this transition, the existing EthereumPoW servers will be migrated to OneDAO, a decentralized protocol on the Harmony network. This move will ensure the continuity of maintenance during the transition period until long-term ecological partners can be established. By aligning with OneDAO, ETHW aims to leverage the protocol’s decentralized nature for the benefit of the EthereumPoW blockchain.
The EthereumPoW blockchain underwent a hard fork, separating from the Ethereum mainnet just before the Ethereum Merge upgrade in September 2022. This pivotal upgrade facilitated the network’s transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. The shift to PoS resulted in a remarkable 99% reduction in mainnet energy usage. However, the increased centralization associated with PoS consensus led to growing dissatisfaction among developers, prompting the creation of EthereumPoW by former Ethereum miner and ICO investor, Chandler Guo.
In a significant development one year after the Ethereum Merge, prominent crypto investment firm Grayscale announced its irrevocable decision to relinquish all rights to ETHPoW tokens on behalf of the record date shareholders of each product in September of this year. The decision was made after conducting a comprehensive evaluation that revealed the lack of substantial liquidity and custodial support for ETHPoW tokens. This abandonment of rights indicates the evolving landscape surrounding Ethereum and the challenges faced by alternative consensus mechanisms.
With the dissolution of EthereumPoW and its transition to complete decentralization, the organization paves the way for a future driven by autonomous decision-making and community governance. By embracing the principles of proof-of-work and securing the original vision of Ethereum, ETHW sets the stage for ongoing innovation and ecosystem growth. As the EthereumPoW servers integrate with OneDAO, a brighter future for the EthereumPoW blockchain awaits, where collaboration and decentralization form the bedrock of success.
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