• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Tuesday, January 31, 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
ShareShareShareShareShare

Related articles

Orbeon Protocol (ORBN) Could Match Cardano (ADA) And Solana (SOL)…

January 31, 2023

Dogecoin on the Edge of Massive Explosion! Will DOGE Price Reach $1 This Bull Run?

January 31, 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

Orbeon Protocol (ORBN) Could Match Cardano (ADA) And Solana (SOL)…

January 31, 2023

Due to the prolonged global beer market, lots of crypto traders and investors have had to abandon big projects like...

Dogecoin on the Edge of Massive Explosion! Will DOGE Price Reach $1 This Bull Run?

January 31, 2023

Dogecoin, the 9th-ranked asset, has jumped more than 10% at the moment and is heading strongly towards the crucial levels...

Addressable raises $7.5M to enable Web3 companies to acquire users at scale

January 31, 2023

Tel Aviv, Israel, 31st January, 2023, Chainwire Addressable, an innovative end-to-end solution for Web3 marketing, announced today that it secured...

VitaDAO – Pfizer Ventures raise millions for research on extending human life

January 31, 2023

  VitaDAO has raised $4.1 million from Pfizer Ventures among other investors. The latest fund raiser will fund longevity research...

veDAO joins hand with Port3 to strengthen Web3 ecosystem

January 31, 2023

veDAO happens to very pleased and takes immense pleasure in the making of their formal announcement of having forged an...

Load More
Next Post

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

Biggest Crypto Gainers Today – January 26

January 26, 2023

Can A Federal Reserve’s Counterattack Stop Crypto Bull Run?

January 30, 2023

Amazing Axie Infinity Accessories Update

January 5, 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!

  • Kazakhstan Seeks to Improve Cryptocurrency Trading Framework
  • Silvergate’s ties to FTX face renewed scrutiny from senators
  • Trevor Jones Takes EthBoy London’s Oxford Street

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)$22,975.001.18%
  • ethereumEthereum(ETH)$1,578.121.40%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.00-0.04%
  • usd-coinUSD Coin(USDC)$1.00-0.01%
  • binancecoinBNB(BNB)$310.901.83%
  • rippleXRP(XRP)$0.4061553.75%
  • binance-usdBinance USD(BUSD)$1.000.02%
  • cardanoCardano(ADA)$0.3864834.53%
  • dogecoinDogecoin(DOGE)$0.09542710.01%
  • matic-networkPolygon(MATIC)$1.102.31%
  • okbOKB(OKB)$37.280.78%
  • solanaSolana(SOL)$23.810.65%
  • staked-etherLido Staked Ether(STETH)$1,571.901.29%
  • polkadotPolkadot(DOT)$6.231.37%
  • shiba-inuShiba Inu(SHIB)$0.0000122.48%
  • litecoinLitecoin(LTC)$93.213.51%
  • avalanche-2Avalanche(AVAX)$19.761.35%
  • tronTRON(TRX)$0.062030-0.01%
  • daiDai(DAI)$1.00-0.01%
  • uniswapUniswap(UNI)$6.542.03%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,954.001.38%
  • cosmosCosmos Hub(ATOM)$13.332.36%
  • chainlinkChainlink(LINK)$6.910.69%
  • ToncoinToncoin(TON)$2.270.87%
  • leo-tokenLEO Token(LEO)$3.53-1.86%
  • moneroMonero(XMR)$176.690.72%
  • ethereum-classicEthereum Classic(ETC)$21.571.89%
  • AptosAptos(APT)$16.67-2.78%
  • bitcoin-cashBitcoin Cash(BCH)$133.393.22%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • stellarStellar(XLM)$0.0903601.17%
  • apecoinApeCoin(APE)$5.821.38%
  • quant-networkQuant(QNT)$141.061.37%
  • crypto-com-chainCronos(CRO)$0.0785331.70%
  • nearNEAR Protocol(NEAR)$2.311.38%
  • filecoinFilecoin(FIL)$5.193.06%
  • lido-daoLido DAO(LDO)$2.176.76%
  • algorandAlgorand(ALGO)$0.2403541.05%
  • vechainVeChain(VET)$0.0230500.93%
  • internet-computerInternet Computer(ICP)$5.831.70%
  • hedera-hashgraphHedera(HBAR)$0.0644061.66%
  • fantomFantom(FTM)$0.5414.93%
  • decentralandDecentraland(MANA)$0.730.36%
  • axie-infinityAxie Infinity(AXS)$10.750.26%
  • aaveAave(AAVE)$82.332.44%
  • eosEOS(EOS)$1.061.54%
  • the-sandboxThe Sandbox(SAND)$0.731.52%
  • flowFlow(FLOW)$1.058.08%
  • elrond-erd-2MultiversX(EGLD)$42.782.52%