The EthereumPoW blockchain is set to maintain PoW as its primary consensus, simultaneously adopting decentralized governance to transform into a public chain without a central deity.
The EthereumPoW (ETHW) announced its decision to dissolve the organization after in-depth discussions and based on a consensus among the majority, thereby fulfilling the commitments made during the initial fork.
According to the official blog post, the entity said the decision aligns with its plans to transition to complete decentralization.
EthereumPoW Embraces Autonomy
The “unanimous” agreement to dissolve stems from a thorough examination of ETHW’s ability to function independently, detached from Core’s support. This involved a careful assessment of the technical and operational conditions for ETHW to operate autonomously.
The consensus includes the dissolution of the EthereumPoW (ETHW) Core development team to achieve full autonomy, upholding PoW as the underlying consensus for the chain and maintaining it over the long term. Lastly, embracing decentralized governance to become a deity-less public chain.
Simultaneously, the existing EthereumPoW servers are slated to be transitioned to OneDAO, a decentralized protocol on the Harmony network. This move is aimed at ensuring transitional maintenance until long-term ecological partners can be achieved.
The EthereumPoW blockchain underwent a hard fork, separating from the Ethereum mainnet just before the much-anticipated Ethereum Merge upgrade in September 2022, which paved the way for the network to transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, leading to a drastic 99% reduction in mainnet energy usage.
In response to growing dissatisfaction among developers with the increased centralization associated with the new Ethereum PoS consensus, former Ethereum miner and ICO investor Chandler Guo created EthereumPoW. Miners, unhappy about the loss of mining revenue, played a crucial role in the genesis of EthereumPoW, aiming to preserve the original vision of Ethereum.
Grayscale’s Decision to Abandon EthereumPoW
Exactly a year after the Ethereum Merge, prominent crypto investment firm Grayscale declared its “irrevocable” decision to relinquish all rights to ETHPoW tokens on behalf of the record date shareholders of each product in September this year.
Grayscale stated in a release that, following a comprehensive evaluation, ETHPoW tokens lacked substantial liquidity and were not supported by the custodian of the products, prompting this abandonment of rights.