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The EthereumPoW core team has announced that it will dissolve to allow for full autonomy
EthereumPoW will continue to operate under the guidance of a DAO
The team believes that the blockchain can operate independently “without Core’s support”
The core team behind the EthereumPoW (ETHW) blockchain has announced that it will dissolve to give the network full autonomy. The team disclosed that the decision was made after assessing that the blockchain can operate independently, adding that the blockchain’s management will be done by a DAO. Although the team didn’t reveal the exact reasons for their decision, Ethereum users likely prefer using the Ethereum version with a proof-of-stake (PoS) consensus mechanism.
OneDAO to Manage EthereumPoW
In a statement, they said that the servers currently associated with ETHW will be left under the care of decentralized autonomous organization (DAO) OneDAO “until long-term ecological partners are identified.”
ETHW Core Organization Dissolution Statementhttps://t.co/tmdMaMpbuf#ethereumpow #ethw@EthereumPoW @ETHW_cn
— EthereumPoW (ETHW) Official (@EthereumPoW) December 19, 2023
According to the team, the decision was “based on a majority consensus,” adding that they also agreed that the blockchain will continue using the PoW mechanism.
EthereumPoW was created after some Ethereum developers and the community felt that Ethereum transitioning to a PoS system doesn’t promote decentralization and it pushes miners out of business.
The blockchain however failed to maintain liquidity and usage forcing entities to abandon the network for the PoS version.
Move Has Roots in in Ethereum Switch
Ethereum’s switch from a mining to a staking-based system was influenced by the need to reduce energy consumption when adding new blocks on the platform. The journey to transition to a PoS mechanism started three years ago with the launch of a deposit contract to house staked ETH.
The contract filled in less than a month setting the stage for Ethereum 2.0. However, the full realization of a PoS-powered Ethereum happened in September 2022, with stakers allowed to withdraw their funds in April 2023.
With the EthereumPoW core team disolved, it’s to be seen whether it will affect the network’s current usage.
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