A second POW Chain Idea seems to be gaining traction.
The crypto community has been waiting a while for the inevitable release of Ethereum’s proof-of-stake system. Once called Ethereum 2.0 the moniker has since been tossed out but the method has not. A few days ago an influencer named Chandler Guo explained that a proof-of-work version of Ethereum is coming soon as well. The idea of a forked token comes with mixed reviews. The Merge upgrade may produce an Ethereum PoW fork.
There are thoughts that if Ethereum were to fully change into a full PoS chain that a PoW version will fork away from the current one.The Merge which will see the Ethereum Mainnet merge with the proof-of-stake system of the Beacon Chain will officially end the proof-of-work system for Ethereum.
Guo is well-known and tweeted about a PoW version of Ethereum “coming soon” stating “ETH POW is DAO”. Currently there is an Ethereumpow.org which claims a whitepaper of the DAO is coming soon. The website has a quote that states “ It takes a village to raise our Ethereumpow. Numbers of communities, exchanges, miners, and individuals have worked together to make ETHW possible.” The website was registered July 31, 2022 so is fairly brand new and the owners name is redacted.
Polyniex has been listed as the home for the listing of ETHW. And the owner of Polyniex Tron’s Justin Sun retweeted the announcement to his more than 3.3 million followers. This seems significant as it was Polyniex that led the charge during the creation of Ethereum Classic. ETC is still in circulation to this day and currently sits as the 19th largest crypto asset in terms of market valuation.
Chandler Guo talked to Bloomberg about the advantages of ETHW and had the following to say:
Ethereum Classic has been able to make gains as the merge is coming up with a 51.2% gain in the last two weeks and has jumped 148.5% over the last 30 days.
According to Bitmex research there is a chance the chain will be extended past the merge but no guarantee that the chain will hold any significance. The reasearch also spoke on the technical challenges ETHPoW may face but the potential opportunities for traders and speculators that may be available in the short term.
Conclusion of Bitmex research from bongo post “ETHPoW vs ETH2”
Polyniex is not alone as Huobi Global also plans to list potential forks that are created after the merge. Huobi plans to distribute the forked assets “if they meet very specific requirements” according to the company.