Ethereum POW Fork Suffers 90percent Decline

Share article now

Ethereum POW Fork Suffers 90percent Decline:

Ethereum POW Fork –  the continuation of Ethereum on proof-of-work – has had a severe start.

The first few days after the hard fork, it saw multiple technical bugs, and has now plummeted by 90% in days.

How it happened

Some days before the Ethereum Merge came by, Chandler Guo – a popular Chinese miner – proposed a hard fork that will see the creation of EthereumPoW – a duplicate version of the blockchain to continue to be based on proof of work.

As disclosed to the public, the fork was supposed to take place a day after the Merge, and ETH holders would be entitled to get an airdrop of the same amount of the new token – ETHW.

However, several users on Twitter started complaining when EthereumPoW was scheduled to go live that they were unable to open the web page.

Still along the line, they were reports about replay attacks against EthereumPoW, but security companies like CertiK and PeckShield said they are related to incorrect ChainID, and the “vulnerability does not lie with EthereumPoW.”

Yet, the hard fork received a lot of support from community members, including renowned ones like Justin Sun.

Justin promised that the crypto exchange he has invested in – Poloniex – will list ETHW.

However, citing “market situation, consensus of users and the community,” the exchange had a change of heart and decided to go with a rival fork chain – EthereumFair (ETF), where Poloniex even revealed that users have received the ETF airdrop.

Nevertheless, the network issues, competitive blockchains, and the lack of promised support have damped the ETHW price performance.

The asset, who had spiked to $60 a few days ago has plummeted by 90% since then to below $6 as at the time of writing this report.

ETHPOW/USDT- Trading View
ETHPOW/USDT- Trading View

 

Leave a Comment

Your email address will not be published.