PoW Ethereum or ETHW is a forked version of the Ethereum blockchain created by a Chinese miner after merging the execution and consensus layers.
The Ethereum blockchain switched from a proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS) on September 15. Ethereum) of Ethereum’s Merge forked, went live. This forked version of Ethereum aims to preserve the proof-of-work mining process for ETH miners.
Each miner can add a block to the PoW network with the clear stipulation that the first valid block released is the correct one. In reality, sometimes the network discovers more than one legitimate block due to the latency of data propagation, creating many branches of the blockchain called forks.
This article will discuss the proof-of-work Ethereum fork, the history of PoW Ethereum, and the differences between ETH and ETHW.
What is ETHPoW (ETHW)?
The long-awaited update “The Merge” for Ethereum lowers the requirements for miners. Replaced them with validators that configure Ether
instead of using expensive and energy-intensive devices to protect the network, which significantly increases the energy efficiency of the cryptocurrency. However, before the merger, a hard fork of the Ethereum network, called ETHW, was created that still uses the PoW consensus mechanism, leading to a win for ETH miners.
But who is behind the ETHW? Chinese miner Chandler Guo opposed the PoS consensus method and launched the PoW-based Ethereum blockchain. Although the creation of the Ethereum PoW chain could be a victory for miners over stakeholders, ETHW users have suffered from accessibility issues.
The chain ID used by ETHPoW is 10001, but it was already used by a Bitcoin Cash testnet. As a result, users of the MetaMask cryptocurrency wallet faced issues such as the Chain ID, which acts as an identifier, being indistinguishable between two separate blockchains.
Chain IDs can be chosen at will, as there is no central repository or registry, but pre-fork testing would have found the contradiction, while the team behind ETHW ignored the issue. However, crypto exchanges like Binance and Coinbase have shown support for ETHW. For example, Binance has announced its ETHW mining pool, saying it will be subject to the same review process as other cryptocurrencies.
Related: What is a cryptocurrency mining pool?
How does PoW Ethereum (ETHW) work?
The initial version of the Ethereum network (ie Ethereum Classic) was based on the PoW consensus method. However, this version had difficulty securing the network due to the DAO attack. EthereumFair and EthereumPOW are the other two hard forks of the original Ethereum blockchain that continue to use proof-of-work mining.
Proof-of-work cryptocurrency like Bitcoin
are promoted as a type of trustless, censorship-proof digital money that, after one person or a small group of people solves a math puzzle, comes up with a new block. However, to prevent a small group of miners from implementing rules that weaken censorship resistance, many non-collusive miner transactions must be processed.
Similarly, to prevent anyone from abusing the system, ETHW miners will also continue to solve arbitrary math challenges to validate transactions and mine new tokens. In exchange, they are rewarded with ETHW, the native asset of the ETHPoW chain.
How to buy PoW Ethereum (ETHW)
Cryptocurrency exchanges like Crypto.com and exchanges like Coinbase and Binance are examples of some places where ETHW supporters can purchase Ethereum proof-of-work tokens.
For example, Binance formally launched Binance Pool’s free Ethereum ETHW mining service that offers ETHW withdrawal for a limited time. However, please note that ETHW deposits are not possible. On Binance Convert, users can sell ETHW against BUSD and USDT.
The basic steps required to buy ETHW on your chosen platform include:
Create an account on your chosen platform/exchange and verify your identity.
After the identity verification process is successful, deposit the funds.
Users can go to the trading section and buy ETHW after their account has been funded.
But why do people use PoW Ethereum? Proof-of-stake critics prefer proof-of-work because they have already invested in expensive mining equipment and switching to a PoS network leaves them with no revenue.
How to store PoW Ethereum (ETHW)?