The Dissolution of EthereumPoW and the Quest for Decentralization

The Dissolution of EthereumPoW and the Quest for Decentralization

In a landmark decision, the EthereumPoW (ETHW) organization has announced its dissolution, marking a significant step towards its goal of achieving complete decentralization. The move comes after extensive discussions and a consensus among the majority of members, in line with the commitments made during the initial fork. The dissolution of the EthereumPoW Core development team signifies a bold move towards complete autonomy, allowing the chain to operate independently without relying on Core’s support.

An Autonomously Functioning Entity

The unanimous agreement to dissolve EthereumPoW is rooted in a meticulous assessment of the organization’s ability to function autonomously. By carefully examining the technical and operational conditions, ETHW has paved the way for a fully independent functioning entity. Upholding proof-of-work (PoW) as the underlying consensus for the chain, ETHW recognizes the long-term benefits of maintaining this mechanism.

A key aspect of EthereumPoW’s dissolution is its intention to embrace decentralized governance. The organization aspires to become a public chain that operates without dependence on any central authority, effectively positioning itself as a deity-less blockchain. This shift towards decentralized governance reflects a commitment to inclusivity, openness, and transparency in decision-making processes.

Transition to OneDAO on Harmony Network

Simultaneous with the dissolution of EthereumPoW, the existing EthereumPoW servers are scheduled to be transitioned to OneDAO. OneDAO is a decentralized protocol operating on the Harmony network. This move ensures that transitional maintenance is upheld until long-term ecological partnerships can be effectively established. The seamless transition to OneDAO strengthens the foundation for a sustainable and independent future for the EthereumPoW blockchain.

EthereumPoW came into existence as a response to growing dissatisfaction among developers regarding the increased centralization associated with the Ethereum proof-of-stake (PoS) consensus mechanism. Chandler Guo, a former Ethereum miner and ICO investor, played an instrumental role in creating EthereumPoW. Its formation was driven by miners who were concerned about the loss of mining revenue and the need to preserve the original vision of Ethereum.

Grayscale’s Abandonment of ETHPoW Tokens

In a surprising development, prominent crypto investment firm Grayscale recently announced its decision to relinquish all rights to ETHPoW tokens. The decision by Grayscale, declared as “irrevocable,” was made following a comprehensive evaluation. The firm cited limited liquidity and the lack of support from custodians as the primary reasons for abandoning the rights to ETHPoW tokens.

The dissolution of EthereumPoW marks a significant milestone in the pursuit of decentralization. The organization’s commitment to transition towards complete autonomy, uphold the PoW consensus, and embrace decentralized governance showcases a determination to realize the original vision of Ethereum. As EthereumPoW moves forward with its transition to OneDAO, the blockchain ecosystem eagerly awaits the next chapter in the evolution of the Ethereum network.

Crypto

Articles You May Like

Celebrating the Closure of SEC Investigation into Hiro and the Stacks Blockchain
Metaplanet’s Strategic Investment in Bitcoin
The Proposal for Delaying South Korea’s Crypto Gain Tax Implementation
Crypto Firms Attend National Conventions to Push for Industry-Friendly Policies

Leave a Reply

Your email address will not be published. Required fields are marked *