Ethereum Merge Hard Forks Reveals Competing Proof-of-Work Projects

0

The Ethereum merger removed the network’s reliance on miners without a hitch, but the path forward for those who have decided to stick with proof of work is not clear.

Many Ethereum miners who wanted to continue mining joined a prominent faction led by Chandler Guo to create ETHPoW and ETHW. While their hard fork has encountered speed bumps, it is turning and trading at $5.23, down 36% in the past 24 hours at the time of writing, according to CoinMarkeCap.

But before there was ETHPoW, there was EthereumFair, another faction committed to preserving the proof-of-work model for Ethereum with ETF, formerly ETHF. But EthereumFair only got a fraction of EthereumPoW’s attention.

EthereumFair claims on Twitter that it was the first PoW token to be derived from Ethereum. The account, which was created in January 2020, has around 14,000 followers. Despite a two-year lead, this is hardly more than the Twitter account for EthPoW, which has amassed just over 15,000 subscribers since its inception in July.

EthereumFair is run by a group of Chinese miners, with its basic documentation provided in Chinese language. It was only this weekend that the organizers focused on creating Telegram groups for different languages.

According to EthereumFair block explorer, ETF has 6.7 million total transactions and 1.8 million wallet addresses. The currency is currently trading at $6.43, down 30% in the last 24 hours at the time of writing, according to CoinMarketCap.

In comparison, ETHW recorded 1.7 billion transactions in total, with tokens held in 86.3 million addresses. The currency is currently trading at $5.26, down 35% in the last 24 hours at the time of writing, according to CoinMarketCap.

Meanwhile, Ethereum Classic, created in 2015 in a separate fork, saw its hash rate increase post-merger as miners shifted to mining the currency as well, according to 2miners.com.

The main backer of ETFs was Poloniex, which first announcement that it would support EthereumFair “bdepending on the market situation, user and community consensus. Poloniex, which also renamed ETHF to ETF, later added ETHW support as well.

Users who purchase ETFs on Poloniex will not incur fees if they exchange Tron’s USDD stablecoin for cryptocurrency, which does not apply to purchases made with other stablecoins, including the USDT or Ethereum from Tether.

The exchange ranks 23rd on CoinMarketCap‘s list of top exchanges, with a trading volume of $32 million in the last 24 hours. The coin is also currently traded on crypto exchanges Huobi and BitCoke.

Some of the exchanges that trade ETHW include OKX, XT.COM, Deepcoin, Bybit, and CoinW.

Stay up to date with crypto news, get daily updates in your inbox.



Source link

Share.

Comments are closed.