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The ETHW team, which briefly occupied the crypto currency markets, has now made an important announcement. During Ethereum‘s transition to PoS, the network was forked and a group of developers and miners initiated a continuation of the network with the PoW consensus mechanism. At that time, we even saw fake ETHW tokens.
EthereumPoW (ETHW)
Ethereum holders were sent PoW version ETHW tokens with the Merge. During that period, the team was criticized from many aspects and convincing arguments were made that this token could not survive in the long term. Some investors made quite expensive purchases based on the assumption that the fork token would appreciate in value in the future.
Justin Sun also tried to profit from the process at that time, first supporting ETHW and then alternatives. However, as of today, ETHW is struggling to survive with a price of $2.78 and a market value of $288 million. The price, which rose to $141 on August 8, 2022, now loiters around $2, showing that the criticisms were justified.
EthereumPoW (ETHW) Dissolution
What could be worse? Most major exchanges did not list ETHW pairs, and now the core developer team is being dissolved. It was announced that this was done for decentralization, and an announcement made a few minutes ago caused the price to drop from $2.83 to $2.6.
The announcement stated:
“Over the past year, the EthereumPoW (ETHW) Core team has worked diligently to fulfill the commitments made during the initial fork. We have researched and confirmed the feasibility of ETHW operating independently without the support of Core, and we have verified the fundamental technical and operational conditions for ETHW in such a scenario. After in-depth discussions and based on the consensus of the majority, we have unanimously reached a decision: the conditions for dissolving the core development organization have matured, and now is the time to fulfill our words.
Our consensus includes:
1) Dissolution of the EthereumPoW (ETHW) Core development team to achieve full autonomy.
2) Preservation of PoW as the fundamental consensus for the network and its long-term sustainability.
3) Adopting decentralized governance to be an ownerless/public network not governed by a single individual.
Current servers will be temporarily transferred to OneDao for interim maintenance until long-term ecological partners are determined.”
So, could this be interesting for ETHW amid concerns that validators will be concentrated in a few hands? It is impossible to see the future, but ETHW cannot be compared with ETH in terms of community, ecosystem, developer support, and transaction power. In short, it seems that ETHW will not achieve success with its last step either.
