EthereumPoW Dissolves Organization to Achieve Decentralization
The EthereumPoW (ETHW) has announced its decision to dissolve the organization, fulfilling its commitment to transition to complete decentralization. This decision was reached through in-depth discussions and a consensus among the majority.
EthereumPoW Embraces Autonomy
The unanimous agreement to dissolve the EthereumPoW Core development team was made after a careful assessment of its ability to function independently. The goal is for ETHW to operate autonomously and uphold proof-of-work (PoW) as the underlying consensus for the chain. The organization also plans to embrace decentralized governance.
Additionally, the existing EthereumPoW servers will be transitioned to OneDAO, a decentralized protocol on the Harmony network, to ensure transitional maintenance.
Background on EthereumPoW
EthereumPoW was created by former Ethereum miners and ICO investors who were dissatisfied with the transition to proof-of-stake (PoS) consensus. They aimed to preserve the original vision of Ethereum and address concerns about increased centralization.
Grayscale Abandons EthereumPoW Tokens
A year after the Ethereum Merge, Grayscale, a prominent crypto investment firm, declared its decision to relinquish all rights to ETHPoW tokens. This decision was based on a comprehensive evaluation that found a lack of substantial liquidity and lack of support from custodians.
Hot Take: EthereumPoW’s Dissolution Marks Progress Towards Decentralization
The dissolution of EthereumPoW reflects a significant step towards achieving complete decentralization in the Ethereum ecosystem. By embracing autonomy and upholding proof-of-work as the underlying consensus, ETHW aims to preserve the original vision of Ethereum while ensuring long-term ecological sustainability. The transition of servers to OneDAO further supports the organization’s commitment to maintaining the chain. However, Grayscale’s decision to abandon EthereumPoW tokens highlights the challenges faced by alternative projects in gaining widespread support and liquidity.
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