EthereumPoW (ETHW)
EthereumPoW (ETHW) is a blockchain network that emerged as a hard fork from the original Ethereum blockchain. This development followed Ethereum's transition to a Proof of Stake (PoS) consensus mechanism in 2022. EthereumPoW retains the Proof of Work (PoW) mining model, utilizing the ETHW token to offer a platform for miners who prefer this method for transaction verification and network security.
Overview
EthereumPoW remains compatible with Ethereum's decentralized applications (DApps) while preserving the PoW mechanism that the main Ethereum network no longer uses. The transition of Ethereum to PoS, known as The Merge, occurred in September 2022. This change led to the creation of EthereumPoW in the same month by blockchain advocate Chandler Guo, providing an alternative for those who favor the PoW system.
| Ticker | ETHW |
| Category | Smart Contract Platform |
| Website | https://ethereumpow.org/ |
| @EthereumPoW | |
| Telegram | ethereumpow_official |
The EthereumPoW network operates with a PoW consensus mechanism similar to the pre-Merge Ethereum system. Miners engage in solving complex mathematical puzzles to validate transactions, requiring significant computational resources. Successful miners are rewarded with ETHW tokens, which are used for transaction fees and miner rewards. Initially, the circulating supply of ETHW mirrored that of Ethereum.
Ecosystem
The ecosystem of EthereumPoW functions similarly to the original Ethereum network before The Merge. It involves miners who validate transactions, nodes ensuring network synchronization, and support for smart contracts written in Solidity. This setup allows the EthereumPoW blockchain to support various decentralized finance (DeFi) services, non-fungible tokens (NFTs), and other blockchain applications. ETHW holders can store their tokens in compatible wallets, both hardware and software, enhancing user accessibility.
EthereumPoW offers a stable foundation for applications, maintaining compatibility with DeFi, NFT, and other DApp ecosystems. This environment is attractive to PoW enthusiasts who appreciate its familiar structure.
Use cases
ETHW supports a variety of decentralized applications, including DeFi platforms for lending and trading, NFT marketplaces for digital assets, and blockchain-based gaming and metaverse projects. While PoS offers energy and scalability benefits, EthereumPoW continues to attract miners and developers who value the PoW model. The success of ETHW will depend on community engagement, technological advancements, and its ability to provide unique value alongside Ethereum’s PoS blockchain.
ETHW token
ETHW is the native token of the EthereumPoW blockchain, serving a role similar to Ether (ETH) on the main Ethereum network. It is used for several purposes within the EthereumPoW ecosystem:
- Gas fees: ETHW is utilized to pay transaction fees on the ETHW blockchain, allowing users to interact with DApps and execute smart contracts.
- Staking: ETHW holders can stake their tokens to earn rewards and contribute to the network's security.
- Governance: ETHW holders can participate in governance decisions for the EthereumPoW blockchain, voting on proposals that influence the platform's future.
The maximum supply of ETHW is unlimited, allowing for ongoing token issuance to reward miners and participants. The initial distribution was determined by a snapshot of the Ethereum blockchain taken before The Merge, ensuring that ETH holders at that time received corresponding ETHW tokens on the new network.