• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Saturday, September 23, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

Ethereum Proof-of-Work (ETHW) release first code, announces the removal of EIP-1559

August 17, 2022
in Crypto News
Reading Time: 3 mins read
A A
Ethereum Proof-of-Work (ETHW) release first code, announces the removal of EIP-1559
ShareShareShareShareShare

Related articles

Analysts Split – Rally to $1.80 or Dip to $0.41?

Analysts Split – Rally to $1.80 or Dip to $0.41?

September 23, 2023
Shiba Inu Escapes Bearish Grip Following Spike In Whale Activity! Will SHIB Price Hold Momentum?

Shiba Inu Escapes Bearish Grip Following Spike In Whale Activity! Will SHIB Price Hold Momentum?

September 23, 2023

  • The EthereumPoW launched its first code wherein it disabled the difficulty bomb and removed the EIP-1559 protocol.
  • The world’s largest asset manager Grayscale explains why having a forked ETH i.e. ETHW is NOT a good option.

The Ethereum blockchain network is currently on the path of a major transition to a Proof-of-Stake consensus model. However, there’s been a recent controversy as some ETH miners have proposed a hardfork in the Ethereum blockchain to continue with the Proof-of-Work (PoW) version.

Interestingly, as it turns out, the ETHW core released its first code yesterday August 15. The three main features of the ETHW Core version include:

  1. Disabled the difficulty bomb.
  2. EIP1559 changed: the base fee to a multi-sig wallet co-managed by miners and the community.
  3. Adjusted the starting mining difficulty of ETHW.

However, soon after the implementation, people started finding loopholes that would roll out all the blocks before the London Fork. A Twitter handle zhijie wrote: “Hm, maybe I’m wrong, but the code below will cause state root in change in a block, and eventually block hash change. All blocks since London fork couldn’t be accepted by ethpow chain. In other word, ethpow will actually be a fork since London”.

However, the EthereumPoW (ETHW) team released a patched code and fixed the matter at hand. As it is clear, the proponents of EthereumPoW are moving ahead with having an Ethereum blockchain based on the existing consensus model.

These proponents are basically miners who feel threatened by the PoS transition. Vitalik Buterin has completely distanced himself away from this proposal. He said that the Ethereum core developers won’t be playing any role with EthereumPoW.

Grayscale: Ethereum fork (ETHW) is not viable

Crypto asset manager Grayscale explains that the Ethereum blockchain had its first hardfork back in 2016 creating the Ethereum Classic (ETC) version. However, Grayscale points out that the Ethereum ecosystem of 2016 was far less advanced in terms of dApps, DeFi, and other features than it is today. Grayscale writes:

A PoW fork of the current Ethereum network will bring duplicate instances of all of these tokens, which could present meaningful challenges to developers and market participants. In fact, the sheer complexity of DeFi and the number of asset-backed tokens locked in DeFi protocols poses a catastrophic risk to the price of ETHW due to on-chain positions attempting to be liquidated.

An ETHW fork could also bring several operational issues for several Ethereum-based protocols. This is because protocols will need to “determine how to manage the value tokens held by duplicate treasuries, duplicate tokens, NFT ownership, and more. How will governance rights be consolidated?”

Some of the top stablecoin providers like USDT and USDC have already said that they would not be supporting the ETHW version. Besides Grayscale warns that investors need to be careful as liquidity for ETHW might die very soon after the launch of Ethereum PoS.


Credit: Source link

ShareTweetSendPinShare
Previous Post

Binance Obtains In-principle Approval to Operate With Cryptocurrencies in Kazakhstan – Exchanges Bitcoin News

Next Post

First 3D Metaverse RPG Built for Mobile, D.O.119 by ProtoReality Games, Launching last Quarter of 2022

Related Posts

Analysts Split – Rally to $1.80 or Dip to $0.41?

Analysts Split – Rally to $1.80 or Dip to $0.41?

September 23, 2023

The recent XRP price recovery above 50 cents has sparked different reactions from various analysts, with some calling for price...

Shiba Inu Escapes Bearish Grip Following Spike In Whale Activity! Will SHIB Price Hold Momentum?

Shiba Inu Escapes Bearish Grip Following Spike In Whale Activity! Will SHIB Price Hold Momentum?

September 23, 2023

Dubbed the “Dogecoin killer,” SHIB’s price had been in a bearish consolidation phase in recent days. However, a reversal occurred...

Veteran Investors Who Predicted Fantom (FTM) Rise, Says This Bitcoin Fork Could Do the Same

Veteran Investors Who Predicted Fantom (FTM) Rise, Says This Bitcoin Fork Could Do the Same

September 23, 2023

Seasoned crypto investors who successfully predicted the rise of Fantom (FTM) are now pointing to a particular Bitcoin fork. With...

Will Stellar (XLM) See a Price Surge on September 28?

Will Stellar (XLM) See a Price Surge on September 28?

September 23, 2023

XRP investors are gearing up for a major announcement on September 29th with the altcoin possibly recording similar gains to...

Learn how Bitcoin Spark takes the best from Ethereum

Learn how Bitcoin Spark takes the best from Ethereum

September 23, 2023

Bitcoin Spark (BTCS) has been gaining momentum lately, leaving many wondering what led to its sudden growth. To understand the...

Load More
Next Post
First 3D Metaverse RPG Built for Mobile, D.O.119 by ProtoReality Games, Launching last Quarter of 2022

First 3D Metaverse RPG Built for Mobile, D.O.119 by ProtoReality Games, Launching last Quarter of 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

The Best Time To Buy Chimpzee is Now – Potential 10X Returns Await Early Investors of the Green Crypto

The Best Time To Buy Chimpzee is Now – Potential 10X Returns Await Early Investors of the Green Crypto

September 18, 2023
FTX resumes claims process after addressing cyber breach

FTX resumes claims process after addressing cyber breach

September 18, 2023
Why SushiSwap is seeing growth despite bear market

Why SushiSwap is seeing growth despite bear market

August 24, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • FTX’s one-time law firm denies awareness of fraud, moves to dismiss lawsuit
  • Venezuela authorities seize Bitcoin mining machines
  • Why Has Stablecoin Legislation Stalled? Blockchain Association CEO Explains – Decrypt

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$26,574.000.05%
  • ethereumEthereum(ETH)$1,592.03-0.08%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.000.04%
  • binancecoinBNB(BNB)$210.36-0.38%
  • rippleXRP(XRP)$0.51-1.19%
  • usd-coinUSDC(USDC)$1.00-0.02%
  • staked-etherLido Staked Ether(STETH)$1,591.20-0.17%
  • dogecoinDogecoin(DOGE)$0.061473-0.04%
  • cardanoCardano(ADA)$0.2458290.34%
  • solanaSolana(SOL)$19.43-0.22%
  • ToncoinToncoin(TON)$2.290.36%
  • tronTRON(TRX)$0.0835960.16%
  • Wrapped stETHWrapped stETH(WSTETH)$1,865.160.38%
  • polkadotPolkadot(DOT)$4.030.32%
  • matic-networkPolygon(MATIC)$0.52-0.02%
  • litecoinLitecoin(LTC)$65.011.27%
  • shiba-inuShiba Inu(SHIB)$0.0000082.63%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,595.000.17%
  • bitcoin-cashBitcoin Cash(BCH)$207.900.06%
  • chainlinkChainlink(LINK)$7.193.77%
  • daiDai(DAI)$1.00-0.08%
  • leo-tokenLEO Token(LEO)$3.84-0.44%
  • true-usdTrueUSD(TUSD)$1.000.06%
  • uniswapUniswap(UNI)$4.270.23%
  • stellarStellar(XLM)$0.113833-0.44%
  • avalanche-2Avalanche(AVAX)$8.890.32%
  • moneroMonero(XMR)$141.65-2.16%
  • okbOKB(OKB)$42.77-0.40%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • binance-usdBinance USD(BUSD)$1.000.01%
  • BSCEXBSCEX(BSCX)$237.310.49%
  • ethereum-classicEthereum Classic(ETC)$15.250.43%
  • cosmosCosmos Hub(ATOM)$7.07-0.76%
  • hedera-hashgraphHedera(HBAR)$0.0518082.76%
  • filecoinFilecoin(FIL)$3.240.52%
  • GGTKNGGTKN(GGTKN)$0.1121310.76%
  • lido-daoLido DAO(LDO)$1.50-0.02%
  • crypto-com-chainCronos(CRO)$0.0505420.33%
  • quant-networkQuant(QNT)$90.951.35%
  • internet-computerInternet Computer(ICP)$2.961.50%
  • MantleMantle(MNT)$0.391454-0.63%
  • vechainVeChain(VET)$0.016992-0.23%
  • AptosAptos(APT)$5.140.16%
  • makerMaker(MKR)$1,284.920.80%
  • ArbitrumArbitrum(ARB)$0.82-2.49%
  • nearNEAR Protocol(NEAR)$1.11-0.38%
  • optimismOptimism(OP)$1.290.22%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • KaspaKaspa(KAS)$0.045661-2.16%