Ethereum Proof-of-Work core development team disbanded

Ethereum Proof-of-Work (PoW) hard fork developers have decided to fork.

According to a December 19 announcement, the main Ethereum development team will be disbanded “to gain full autonomy.” After that, the EthereumPoW blockchain will continue to operate with PoW as the main agreement for the chain and decentralization to “become a godless public chain”.

Meanwhile, existing EthereumPoW servers will be moved to OneDAO, a decentralized protocol on the Harmony network, for “transitional maintenance until long-term ecosystem partners are identified.” Jadal Page, the lead developer of Ethereum PoW, wrote:

“We have investigated and confirmed the feasibility of ETHW operating independently without core support, confirming the basic technical and operational conditions for ETHW in this scenario.”

Before the completion of the September 2022 Ethereum integration update, the EthereumPoW blockchain was created from the Ethereum mainnet fork, which reduced mainnet energy usage by 99% by transitioning the network from PoW to a proof-of-stake (PoS) consensus mechanism. %

Developers dissatisfied with the centralization of the new Ethereum PoS agreement, along with miners frustrated by the loss of mining revenue, created EthereumPoW to preserve the original Ethereum.

However, on September 20, exchange-traded fund operator Greyscale Investments pulled the plug on supporting post-merger Ethereum PoW tokens (ETHW). In its decision, Grayscale said ETHW has yet to “develop meaningful liquidity, and the custodian of the products does not support these tokens.” As a result, the company could not fulfill its right to buy and sell ETHW tokens to its customers.

Related: Ethereum Community Adopts ERC-3643 as Standard Asset Token

ETHW tokens first dropped to $2.59 in August 2022. The total market capitalization reached $279 million.