Proof-of-Work Ethereum fork to Rally Miners with 1-hour countdown

Proof-of-Work Ethereum fork to Rally Miners with 1-hour countdown

The controversial proof-of-work (Pow)-Fork from Ethereum, Ethpow (ETHW), is expected to be officially launched within 24 hours after the merger, the administrators of the emerging network, said late Monday.

The exact time of the Minnnet provision of the ETHW-the phase in which fully-fledged blockchains are made accessible to the public-is announced one hour before the start via a countdown timer to give potential participants a goal for the connection with the network.

The Merge Event, in which Ethereum passes to the Proof-of-Stake (POS), is planned for the early morning hours of September 15th as soon as the blockchain reaches the terminal science of 58,750,000 t.

Final code, binary files, configuration files, node information and the like for the Ethereum spinoff are made available as soon as the timer reached zero, the stewards.

Before that, Miner on Ethereum contributed to securing the network as part of a Pow-supported consensus mechanism. The transition to POS will effectively bring you out of business and arrange for the big GPU-Miner Chandler Guo to collect support for ETHW.

In fact, the ETHW is a direct answer to the merger, whereby those hope to maintain the older Ethereum state, including its transaction history and all records of assets, as a means of survival.

Several exchanges have already expressed their support for the Pow-Fork. This has caused markets to be created Blußhone The token of the network, which are distributed by the participating stock exchanges after the blockchain has gone online.

dealers who spend Ethereum Pow could pull the ether price down

There is great skepticism about whether the ETHW will be particularly valuable (it is currently acts for around $ 29, during the pos Execution changes just below the ether level at $ 1,685).

The prices for ether and ETHW could be influenced if retailers sell their ETHW immediately as soon as their blades are exchanged, said Matt Weller, global research manager at Forex.com, Blockworks in an email.

"The current gray market ratings for ETHW are about 3 % of the value of the main network of Ethereum, so it would not be surprising if ETH would fall by ~ 3 % immediately after a successful merger, similar to a share that goes into the basement. Dividend," said Weller, since dealer would hypothetically try to download the fork token you have bought preserved.

It is not the first time that the network has grown. As early as 2015, Ethereum split up in two separate chains, Ethereum and Ethereum Classic (etc), the latter being maintained the original code and was developed by Vitalik Buter and Gavin Wood - completely with the associated transactions The dao-hack .

Chandler Guo was also a main supporter from Ethereum Classic (etc). While ETC with regard to its developer activities and user acceptance has been largely inactive, it still has a market capitalization of $ 5.2 billion and currently occupies 19th place among the top 20 coins.

The hash rate of etc, which measures mining activity in the network, has repeatedly achieved high-time highs before the merger, since Miner speculates which network will be the most profitable as soon as Ethereum Pow gives up. The network has less than 5 % of the current hash rate from Ethereum.

Nevertheless, this traction also inspired the token price, ETCIs by more than 10 % and in two months by more than 180 %.

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The Post Proof-of-Work Ethereum Fork to Rally Miners with 1 H Countdown is not a financial advice.