EthereumPoW (ETHW), the forked Ethereum, has recently made a significant announcement to dissolve their core development organization and transition into operating autonomously.
This decision, which is backed by a majority consensus, involves the developers responsible for Ethereum’s hard fork. According to EthereumPoW, they have thoroughly examined and confirmed the feasibility of ETHW functioning independently without Core’s support.
The team behind ETHW expressed their confidence in meeting the essential technical and operational requirements for ETHW to thrive in this new scenario.
“We have explored and validated the feasibility of ETHW operating independently without Core’s support, confirming the fundamental technical and operational conditions for ETHW in such a scenario,” the ETHW team said.
This development comes several months after Grayscale decided to withdraw its support for the post-Merge Ethereum Proof-of-Work (ETHW) tokens, citing the lack of “significant liquidity” as a key factor.
In addition to dissolving the EthereumPoW (ETHW) core development team in order to achieve complete autonomy, the ETHW team has also reached a consensus to uphold Proof-of-Work as the underlying consensus mechanism for the chain, intending to maintain it for the foreseeable future.
Furthermore, the ETHW team has expressed its commitment to embracing decentralized governance, aiming to transform into a deity-less public chain.
However, the existing servers will be moved to OneDao, a decentralized reserve protocol deployed on the Harmony chain. In the meantime, efforts are underway to secure long-term partners for a smooth transition.
In 2022, a significant event took place in the blockchain space as the EthereumPoW blockchain was hard forked from the Ethereum mainnet as the network transited into Proof of Stake in the event known as the Ethereum Merge. This decision was driven by concerns over the increased centralization of the now Ethereum PoS (Proof of Stake) system and a decline in revenue.
Dissatisfied developers and miners came together to form the EthereumPoW, aiming to preserve the principles of decentralization and maintain the viability of the Ethereum network.
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