Home
News
Poloniex will be first to list the potential Ethereum forked token ETHW, said the crypto exchange.
On August 4th, 2022, crypto exchange Poloniex announced their support Guo introduced Ethereum’s proof-of-work fork by listing ETHW. Ethereum network’s highly anticipated upgrade – The Merge – is set to launch on September 19th, 2022. This upgrade would lead the Ethereum network shift from its existing proof-of-work consensus mechanism to a proof-of-stakes system.
The news of the merge upgrade brought a bittersweet situation across the crypto community. Ethereum enthusiasts showed their excitement while several community members were disappointed. These members particularly include Ethereum miners, given the fact that the transition from PoW to PoS would leave most of these miners useless.
On July 27th, 2022, a prominent crypto miner from China named Chandler Guo showcased his disagreement with the merge upgrade. Guo announced to continue Ethereum proof-of-work after forking to retain POW mining in the network. This anticipated form of Ethereum would act as a spin-off version. Many fellow miners supported Guo’s proposal and now Poloniex will be adding ETHW.
The Merge on Ethereum network is a long awaited upgrade which is expected to bring many best in class features. With an increasing user base and number of projects on the network, the Ethereum network grew enormous in size. This led to creating problems like slow transaction fees and high gas fees. PoS consensus mechanism is a relatively lesser energy consuming system than PoW and acts as a major reason for transition of Ethereum.
However, this is where ETH miners are likely to face problems. After the transition, traditional mining of ETH would come to an end. This problem led miners like Guo to come up with an idea to launch ETHW. Mining ETHW would keep these miners to go along instead of becoming irrelevant after the upgrade. With the announcement of Poloniex to add ETHX, the campaign is expected to take a boom.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
