Supporters of the Ethereum Pow Bearing decided to cancel EIP-1559

The developers published a cryptocurrency manifesto standing behind the potential fork Ethereum Pow (ETHW).

1/x [a long long Thread]
The Manifesto of Proof-Of-Work: An Open Letter to the Ethereum Community

“He Who Fights Too Long Against Dragons Becomes a Dragon Himself; and if you gaze too -long into the abyss, The Abyss Will Gaze Into You.”

The developers noted that Ethereum Foundation refused “decentralization”. They also recalled The Dao collapse. Then the Ethereum Hardford result was the appearance of Ethereum Classic.

4/x
We Refrain from Speculation on the Motivation that Caused the Ethereum Elites to Temporararily Suspend their Immutable Ledger Narrative. NeverTheless, The Ideological Difference Bore the Schism that Split the Community Into Eth and etc.

– Etherempow (EthW) ​​Official (@etherempow) August 10, 2022

“[…] There is nothing decentralized in the decision -making process; management based on the community is only nominal in nature; ideology and everything else are discarded in favor of higher prices for tokens, ”the authors wrote.

Presenting themselves as a “really decentralized community of volunteers”, the developers brought the main points of the cryptocurrency manifesto:

• lack of prean and inflation;
• Support for the Proof-OF-WORK (POW) algorithm;
• The abolition of the proposal EIP-1559, which implies the burning of a part of transaction commissions.

21/x
5. The Network, Etherempow (To Distinguish it from the Soon-to-Be-by Pos Alternative Chain) is to eventoally Becletly Autonomous and Self-Sustained, Devoid of Any Governance. We Set the Goal to Achieve it in 3 years.

– Etherempow (EthW) ​​Official (@etherempow) August 10, 2022

“Etherempow network (to distinguish it from the future alternative chain POS) must ultimately become completely autonomous and self-sufficient, devoid of any managing organization. We set a goal to achieve this in three years, ”the thread says.

The proposal of the EIP-1559 became part. It received support from developers and users, but divided the miners into two camps.

Opponents of the proposal, including jointly controlling 44.8% of the SParkPool and Ethermine pool chain of the network, wanted to concentrate more than 51% of computing power in the latter. However, their attempt failed.

The new split in the community caused the Ethereum transition to the Proof-OF-Stake consensus algorithm during the activation of The Merge update. The upgrade will significantly affect the fundamental qualities of cryptocurrencies, making it deflation and much more environmentally friendly.

The developers previously approved the migration of the main network for September 2022. The transition of the Goerli twin to the POS algorithm will occur when the cumulative complexity of the network reaches 10,790,000.

At the end of July, an influential Chinese miner Chandler Guo expressed the idea of ​​Fork with the appearance of Ethereum branch, which will continue to work at the Proof-OF-WORK algorithm. The EthPow asset that has appeared as a result will allow the mines of the second capitalization of cryptocurrency to continue work after the merger.

The Poloniex trading platform has already announced the support of the alleged Ethereum POW and on August 8, Ethpos (Eths) and ETHW lew. Similarly, the MexC Global platform received.

The Bitmex exchange introduced derivatives based on Ethpow, and Huobi said that they would take steps in support of a potential fork after “receiving a general picture of users’ opinions” and if assets compliance with the Listing Rules.

Digifinex and OKX trading platforms have also begun to evaluate the consequences of a possible branching of the second one according to cryptocurrency capitalization.

The opposite opinion was expressed by the Debank Defi platform teams and ChainLink’s decentralized network of speakers.

Recall that CITI analysts noted that The Merge will reduce the energy intensity of the Ethereum network, translate the emission of the asset to the deflation model and “pave the way to a more scalable future through a cartoon”.

CoinShares experts skeptically appreciated the prospects of the potential Ethereum POW, calling it “non-viable”.

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