EthereumPoW Wants To Freeze User Assets After The Merge
EthereumPoW is being widely propagated by a group of anonymous miners with the desire to fork successfully after The Merge.
Ethereum is finally set to transition to Proof-of-Stake (PoS) between September 15-16, which will phase out ETH mining by Proof-of-Work (PoW) using specialized devices, and will instead be staking ETH.
The problem, however, is that PoW advocates, especially miners, have decided to keep the PoW chain alive for their benefit.
The ETH mining sector is worth $19 billion, according to estimates from crypto analytics firm Messari. With billions of dollars worth of infrastructure, miners of course have to prioritize a hard fork because mining other PoW tokens like Ethereum Classic (ETC) or Bitcoin (BTC) will not be as profitable. So the EthereumPoW (ETHW) project was born, declaring the changes that would apply if the chain splits.
As of August 16, the ETHW team has continued to strengthen their belief in the possibility of a fork following The Merge by recommending that ETH holders withdraw their assets from liquidity providers (LPs) on the market. industry-leading DeFi platforms including Uniswap, Sushiswap, Aave, and Compound.
Besides, the project also said that it will temporarily freeze ETHW tokens in certain LPs and lending protocols after the hardfork to protect users’ assets.
The idea from the ETHW side received criticism soon after. The community protested that freezing user assets without their consent would be tantamount to ETHW going against the decentralized nature of the project’s original statement.
There is even an account that comments ETHW is just a scam and asks the community to report this on Twitter.
The PoW Ethereum hard fork has received the backing of a well-known Chinese miner Chandler Guo as well as the man who claims to be behind the 51% attack on the Ethereum Classic.
Vitalik Buterin, the co-founder of Ethereum, has also criticized the PoW fork, calling it an act of selfishness by a few outsiders. He advised miners to switch to ETC as well.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
CoinCu News
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Ethereum
EthereumPoW Wants To Freeze User Assets After The Merge
EthereumPoW is being widely propagated by a group of anonymous miners with the desire to fork successfully after The Merge.
Ethereum is finally set to transition to Proof-of-Stake (PoS) between September 15-16, which will phase out ETH mining by Proof-of-Work (PoW) using specialized devices, and will instead be staking ETH.
The problem, however, is that PoW advocates, especially miners, have decided to keep the PoW chain alive for their benefit.
The ETH mining sector is worth $19 billion, according to estimates from crypto analytics firm Messari. With billions of dollars worth of infrastructure, miners of course have to prioritize a hard fork because mining other PoW tokens like Ethereum Classic (ETC) or Bitcoin (BTC) will not be as profitable. So the EthereumPoW (ETHW) project was born, declaring the changes that would apply if the chain splits.
As of August 16, the ETHW team has continued to strengthen their belief in the possibility of a fork following The Merge by recommending that ETH holders withdraw their assets from liquidity providers (LPs) on the market. industry-leading DeFi platforms including Uniswap, Sushiswap, Aave, and Compound.
Besides, the project also said that it will temporarily freeze ETHW tokens in certain LPs and lending protocols after the hardfork to protect users’ assets.
The idea from the ETHW side received criticism soon after. The community protested that freezing user assets without their consent would be tantamount to ETHW going against the decentralized nature of the project’s original statement.
There is even an account that comments ETHW is just a scam and asks the community to report this on Twitter.
The PoW Ethereum hard fork has received the backing of a well-known Chinese miner Chandler Guo as well as the man who claims to be behind the 51% attack on the Ethereum Classic.
Vitalik Buterin, the co-founder of Ethereum, has also criticized the PoW fork, calling it an act of selfishness by a few outsiders. He advised miners to switch to ETC as well.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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