News hardware What is Ethereum Pow, this free token given to ETH holders after The Merge?
While the second largest cryptocurrency has just updated its system with The Merge, it is already the subject of many copies of its original chain. Among these forks is Ethereum Pow (ETHW), a cryptocurrency created by a small group of Ethereum miners. In an effort to publicize this “classic” Ethereum, the creators even went so far as to offer tokens via an airdrop.
What is Ethereum Pow (ETHW)?
The second largest cryptocurrency behind Bitcoin has been delighting cryptocurrency miners for a few years. Indeed, Ethereum has established itself as the first choice for amateurs and professionals of crypto mining because of its profitability.
However, after the change from proof-of-stake to proof-of-work of the Ethereum blockchain last Thursday, several cryptocurrency miners find themselves on the straw. In short, the latter will no longer be able to mine Ethereum thanks to their graphics card RIGs and other ASICs for performance and eco-responsibility concerns among others.
Although some alternatives exist for minors, such as the ETH Classic hardfork or even Ravencoin, some have nevertheless started to offer their versions of Ethereum. Called fork, these cryptocurrencies are born when part of the crypto community, in this case Ethereum, does not agree with the changes made to the blockchain. In other words, a small user rebellion.
Ethereum Pow (ETHW) is one of its initiatives that made headlines ahead of the arrival of Ethereum’s The Merge update. Built by a small group of miners based in China, this fork is built by Chandler Guo – an important figure since Mr. Guo contributed to the first popular hardfork of Ethereum: Ethereum Classic.
In this negative context for miners, Guo received several messages from dozens of miners claiming a negative opinion on the transition from Ethereum to proof of stake. Following these repeated complaints, Guo decided to develop a new hardfork to overcome the problems of minors following the update. In a short time, he found no less than 60 volunteer developers to build his Ethereum Pow (ETHW) project.
This new project aims to allow Ethereum miners to continue to use their hardware to mine on a new proof of work chain: Ethereum Pow (ETHW). To convince and attract players other than miners, Mr. Guo even undertook a massive airdrop of his ETHW token.
The token given to ETH holders after The Merge is not just gaining followers
In a logic of democratization of this new ETHW, Mr. Guo has put the small dishes in the big ones by organizing an airdrop, that is to say a large-scale donation of his cryptocurrency. To stay on topic, the airdrop is for Ethereum holders.
Meanwhile, experts are increasing calls for caution. According to them, forks often suffer from a lack of user and developer engagement.
However, not sure that these new tokens are very useful. Most of the major players in the crypto ecosystem have already taken a position on the multiplication of forks after The Merge.
Cryptocurrencies and NFT, they are all adamant about using the new version of Ethereum proof-of-stake for their future projects – among them, the AAVE protocol or the Opensea NFT platform.
With this unfavorable reception, ETHW has already suffered a drop of more than 50% following its launch.
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What is Ethereum Pow, this free token given to ETH holders after The Merge?
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