Transition to Fully Decentralized EthereumPOW Underway
The team behind the proof-of-work (PoW) fork of Ethereum has announced its decision to dissolve EthereumPOW’s centralized structure in favor of complete decentralization. The core team will disband in order to achieve full autonomy, allowing EthereumPOW to rely solely on PoW consensus and decentralized governance. This move will transfer governance of the EthereumPOW blockchain to its community of users and miners.
The network’s servers will be transferred to OneDAO, a decentralized protocol on the Harmony blockchain. OneDAO will provide transitional maintenance for EthereumPOW until long-term ecosystem partners can be established.
Decentralization Hoped to Reinvigorate the Ethereum Fork
The Ethereum hard fork occurred in September 2022, just before the main Ethereum blockchain transitioned to a proof-of-stake model following the Merge upgrade. EthereumPOW was created by developers and miners who were unhappy with the perceived centralization and loss of revenues. However, since its launch, ETHW has struggled to gain adoption.
Grayscale decided against supporting ETHW in September, citing a lack of liquidity and custodial support. This removal of potential demand caused ETHW’s price to decline significantly.
By dissolving centralized control and embracing community governance, the EthereumPOW team hopes to reinvigorate the network. OneDAO will provide transitional support during this period. Ultimately, the success of EthereumPOW will depend on whether the cryptocurrency community chooses to adopt it over the dominant Ethereum PoS blockchain.
Hot Take: Achieving Full Decentralization for EthereumPOW
The core development team behind EthereumPOW has made a significant move towards achieving full decentralization by dissolving its centralized structure. This decision hands over governance of the EthereumPOW blockchain to its community of users and miners. By relying solely on PoW consensus and decentralized governance, EthereumPOW aims to become a deity-less public chain.
With OneDAO providing transitional support, the network will continue to receive maintenance until long-term ecosystem partners can be established. This transition comes as EthereumPOW seeks to reinvigorate its position as a viable alternative to the dominant Ethereum PoS blockchain. The success of this endeavor will depend on whether the cryptocurrency community chooses to adopt EthereumPOW and its decentralized approach.
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