The Ethereum proof-of-work (PoW) fork is scheduled to go live 24 hours after the transition, according to the developers of ETHW.
This is despite the fact that The Merge is anticipated to take place in fewer than two days. On August 8, 2022, one unit of ETHW was traded at a price of $141; however, the value of the cryptocurrency asset has fallen by 73% since that time.
Immediately upon the conclusion of the Ethereum Merge and the completion of the shift to proof-of-stake (PoS), a new split coin known as Ethereumpow will be created (ETHW). On September 12, 2022, the core developers of ETHW made the announcement that “ETHW mainnet will happen within 24 hours after The Merge.” The core developer’s blog post notes that the “exact time will be announced 1 hour before launch with a countdown timer and everything including final code, binaries, config files, nodes info, RPC, explorer, etc. will be made public when the time’s up.”
The members of the ETHW team have written open letters to the members of the ETHW community, and a blog post that was written on August 29 provides a summary of some of the project’s goals. The core team of ETHW explains that the group is comprised of “geeks and crypto investors from all over the world,” and that they have made the decision to maintain their anonymity. Further explanation of the reasoning behind the ETHW team’s work is provided in the post, in which the developers point out that blockchain regulation is “ever-rising” and that “Web3 narratives are under considerable strain.”
Additionally, the ETHW creators state:
PoS is indeed a game changer, but only in bad ways. Nevertheless, PoW has a 12-year track record of being reliable, robust, and censorship-resistant. It is only prudent to continue a PoW Ethereum, which should be a no-brainer for those who champion openness and the free market as there is no downside.
The fork coin’s market value has dropped 73%, and the core developers have rejected a proposal to merge the contract-freezing code.
With the introduction of a new Ethereum-styled fork, all Ethereum (ETH) holders will have access to ETHW. In the event that the crypto firm formalizes the existence of the new token, some users will be able to acquire ETHW through cryptocurrency exchanges. In the same way that Ethereum classic holders were able to split their tokens, ETH holders in non-custodial wallets will be able to do the same (ETC). According to ETHW IOU market statistics, the current price of this cryptocurrency asset is $36.01 per unit as of this writing. After reaching an all-time high (ATH) on August 8, ETHW has since dropped by 73%.
The primary developers of ETHW state in a new open letter that they have no plans to freeze the network’s liquidity pools. “[ETHW core developers] rejected the plan to merge the contract freezing code into the main codebase and emphasized that no contract pool on the ETHW would be restricted in any way,” the letter explains.