{"id":13441,"date":"2022-08-06T16:04:24","date_gmt":"2022-08-06T16:04:24","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/a-second-ethereum-pow-chain-idea-gains-traction-poloniex-to-list-potential-forked-token-markets-bitcoin-news\/"},"modified":"2022-08-06T16:04:24","modified_gmt":"2022-08-06T16:04:24","slug":"a-second-ethereum-pow-chain-idea-gains-traction-poloniex-to-list-potential-forked-token-markets-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/a-second-ethereum-pow-chain-idea-gains-traction-poloniex-to-list-potential-forked-token-markets-bitcoin-news\/","title":{"rendered":"A Second Ethereum PoW Chain Idea Gains Traction, Poloniex to List ‘Potential Forked’ Token Markets \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Five days ago, the influential Chinese crypto miner, Chandler Guo, explained that a proof-of-work (PoW) version of Ethereum is \u201ccoming soon\u201d as the community prepares for the network\u2019s transition to proof-of-stake (PoS) next month. As usual, the idea of a forked token gets people excited and some individuals get upset, and even though the token hasn\u2019t been created yet, there\u2019s now a website called ethereumpow.org summarizing the coin\u2019s goals.<\/strong><\/p>\n

The Merge Upgrade Could Produce an Ethereum PoW Fork, Poloniex to List 2 \u2018Potential Forked\u2019 Ethereum Token Markets<\/h2>\n

If Ethereum (ETH)<\/a> transitions into a full PoS blockchain next month, there\u2019s a very good chance a PoW version will fork away from the current version. The Merge<\/a> has a pencilled-in<\/a> date that could take place on the week of September 19, or 44 days from now. Guo is a well known crypto miner and he played a specific role in the 2016 creation<\/a> of the blockchain network Ethereum Classic (ETC<\/a>). On August 1, Bitcoin.com News reported<\/a> on Guo tweeting about a PoW version of Ethereum \u201ccoming soon\u201d and how he said, \u201cETH<\/a> PoW is DAO.\u201d<\/p>\n

Now there\u2019s a new website touting the not-yet-born ethereum PoW version called ethereumpow.org<\/a>, and the web portal claims a white paper is coming soon. The website\u2019s \u201ccommunity [and] contributors\u201d section says: \u201cIt takes a village to raise our Ethereumpow. Numbers of communities, exchanges, miners, and individuals have worked together to make ETHW possible.\u201d Domain statistics<\/a> from Whois records indicate that the web portal was registered on July 31, 2022. The ETHW website owner\u2019s name and identity has been \u201credacted for privacy,\u201d the internet record listing site says.<\/p>\n

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BREAKING: Poloniex will be the FIRST exchange to support EthereumPoW (ETHW). @Poloniex<\/a> @justinsuntron<\/a>
1\/n pic.twitter.com\/h6M9Pxv5lZ<\/a><\/p>\n

\u2014 ETHPoW (@EthereumPoW) August 3, 2022<\/a><\/p>\n<\/blockquote>\n

The cryptocurrency exchange Poloniex, backed by Tron\u2019s Justin Sun, has announced<\/a> that the trading platform will list ETHW. After Poloniex tweeted about listing ETHW, Sun retweeted the announcement to his 3.3 million Twitter followers. \u201cThe Ethereum Merge is expected to be in September 2022,\u201d the exchange wrote<\/a>. \u201cPoloniex was the world\u2019s first exchange to list ETH<\/a> and now the first one to support potential forking of ETH<\/a> with the listing of two potential forked ETH<\/a> tokens: ETHS & ETHW.\u201d<\/p>\n

Poloniex Led the Charge During ETC<\/a>\u2019s Creation<\/h2>\n

Poloniex was also the first exchange to list<\/a> ethereum classic (ETC<\/a>). In a now-deleted tweet<\/a>, one of the members of the Slock.it development team, Stephan Tual, remarked about Poloniex \u201cleading the charge.\u201d At the time, the Poloniex \u2018troll-box\u2019 was going wild and the exchange saw roughly $11.89 million in ETC<\/a> trade volume on July 24, 2016. While it has experienced a number of 51% attack hiccups, ETC<\/a> still exists today as it\u2019s currently the 19th largest crypto asset in terms of market valuation. In an interview with Bloomberg, Chandler Guo talked<\/a> about the advantages of ETHW in comparison to ETC<\/a>.<\/p>\n

\"A
A section of a Bloomberg interview with Chandler Guo discussing ETHW and comparing it to ETC<\/a>.<\/figcaption><\/figure>\n

Born at ETH<\/a> block height 1,920,001, Ethereum Classic<\/a> has reaped benefits from the pencilled-in Merge date, and during the last two weeks it has gained 51.2%, and ETC<\/a> jumped 148.5% higher over the last 30 days. ETC<\/a> has also seen a slight hashrate increase<\/a> but during the last week, ETC<\/a>\u2019s hashrate rise has tapered off. Months before the most recent<\/a> hashrate spike, ETC<\/a> maintainers wrote that the community welcomed<\/a> Ethash miners to the Ethereum Classic ecosystem.<\/p>\n

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fwiw, our full support is behind ETH<\/a> PoS, in addition to ETC<\/a>, and have zero intention to support any ETH<\/a> PoW fork. ETH<\/a> miners should move to ETC<\/a> to maximize their revenue long term. simple as that<\/p>\n

\u2014 Barry Silbert (@BarrySilbert) August 6, 2022<\/a><\/p>\n<\/blockquote>\n

Bitmex Research: \u2018It Is Likely That the Chain Is Extended Past the Merge Point, However, Whether or Not This Chain Has Any Economic Significance Is an Open Question\u2019<\/h2>\n

Furthermore, on August 1, Bitmex Research published a blog post<\/a> called \u201cETHPoW vs ETH2,\u201d which examines a hypothetical debate over the two potential Ethereum networks. The blog post, written by Bitmex Research, concludes \u201cby arguing that although the ETHPoW chain may have many technical challenges and its long term viability is in question, its existence may provide an exciting opportunity for traders and speculators in the short to medium term.\u201d<\/p>\n

\"A
Bitmex Research published a blog post called \u201cETHPoW vs ETH2\u201d on August 1, 2022.<\/figcaption><\/figure>\n

In addition to Poloniex, Huobi Global plans to list<\/a> any potential forks that are created when The Merge takes place. Huobi will distribute forked assets if they meet specific requirements, the company said on Friday. When Poloniex releases the \u201cPotential forked\u201d token markets next week, it will be interesting to see what traders and speculators value the ETHW token. It\u2019s quite possible the futures markets could overshadow ETC<\/a>\u2019s recent gains.<\/p>\n

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\nTags in this story
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2016<\/a>, 51% attack<\/a>, bitmex research<\/a>, Chandler Guo<\/a>, Chandler Guo ETC<\/a>, Chandler Guo ETH<\/a>, Chandler Guo tweet<\/a>, Chinese bitcoin miner<\/a>, ETC<\/a>, ETC fork<\/a>, ETH fork<\/a>, ETH PoW is DAO<\/a>, Ethereum Classic<\/a>, ethereum classic (ETC)<\/a>, Ethereum Classic Hashrate<\/a>, Ethereum PoW<\/a>, ETHW<\/a>, ETHW website<\/a>, immutable Ethereum<\/a>, Listing ETHW<\/a>, Poloniex<\/a>, Poloniex Listing<\/a>, PoW version of Ethereum<\/a><\/div>\n<\/div>\n

What do you think about the possibility of an ETHW chain that splits away from Ethereum when the chain transitions to PoS? Let us know your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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