EthereumPoW shifts gears: core team disbanded for full autonomy
EthereumPoW (ETHW) announced its decision to dissolve the organization after intensive discussion and based on consensus among the majority, thereby fulfilling the commitments made during the initial fork.
According to the official blog post, the entity said that the decision is in line with its plans to transition to full decentralization.
EthereumPoW embraces autonomy
The “consensus” agreement to dissolve stems from a deeper investigation into ETHW’s ability to function independently by separating from Core’s support. This included a careful assessment of the technical and operational conditions for ETHW to operate autonomously.
The consensus includes disbanding the EthereumPoW (ETHW) core development team to achieve full autonomy, maintaining PoW as the underlying consensus for the chain, and maintaining it for the long term. Finally, adopting decentralized governance to become a godless public chain.
Additionally, existing EthereumPoW servers are to be converted to OneDAO, a decentralized protocol on the Harmony network. The purpose of this step is to ensure transitional maintenance until a long-term ecological partner is achieved.
The Ethereum PoW blockchain split from the Ethereum mainnet just ahead of the highly anticipated Ethereum merge upgrade in September 2022, paving the way for the network to transition from proof-of-work (PoW) to proof-of-work. -Point-of-stake (PoS) consensus mechanism, leading to a massive 99% reduction in mainnet energy usage.
In response to growing dissatisfaction among developers with the increased centralization associated with the new Ethereum PoS consensus, former Ethereum miner and ICO investor Chandler Guo created EthereumPoW. Miners unhappy with the loss of mining revenue were instrumental in the genesis of EthereumPoW, which aimed to preserve the original vision of Ethereum.
Grayscale’s decision to abandon EthereumPoW
Exactly one year after the Ethereum merge, leading crypto investment firm Grayscale announced its “irreversible” decision to give up all rights to ETHPoW tokens on behalf of record date shareholders of each product in September this year.
Grayscale said in a release that, after an extensive assessment, the ETHPoW tokens lacked sufficient liquidity and were not supported by the custodian of the products, leading to the rights being relinquished.
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source: cryptopotato.com