The Long awaited The Ethereum Merge is just around the corner, but not everyone is excited about the big upgrade. A group calling itself ETHW Core has expressed its opposition to the change and is ready to perform a hard fork within 24 hours of the merger.
Under the name of the project, ETHPoW and with the token ETHWETHW Core plans to separate from the main ETH blockchain and maintain a PoW version to keep ETH mining alive after the merger.
“The ETHW mainnet will take place within 24 hours of the merge. The exact time will be announced 1 hour before launch with a countdown timer and everything including final code, binaries, configuration files, node information, RPC, explorer, etc. will be published when the time runs out,” the group wrote in September. 13 tweets.
The merger will move the Ethereum network away from its current Proof-of-Work (PoW) Proof-of-Stake mining model (PoS) consensus mechanism, gradual elimination of miners and their replacement by validators.
In their August 29 open letterThe group explained their motivations and outlined why, in their opinion, “PoS does change the game, but only in the wrong way.”
“It’s only prudent to continue PoW Ethereum, which should be self-evident to those who defend openness and the free market, because there is no downside. After all, if PoS Ethereum is really so great, why fear the competition?”
However, many in the community believe the fork is motivated by money rather than ideological differences.
And serious concerns have been expressed about ChainID forks and whether it will increase the risk of replay attacks and other hacks.
On September 8, former Ethereum Foundation member Hudson Jameson wondered why it was launched after the actual merger.
“I highly doubt they will gain much hash power if they launch after the merge,” he wrote. “Hash power will be on other chains by then and the value of ETHPoW is already weak,” he wrote.
1. ETHPoW is not actually a contract freeze.
2. It is not clear if they are still modifying EIP-1559 so that the tips go to “DAO miner” (the PR code suggests that this is happening).
3. They probably run a few days after the merge (from what I can tell in the code). https://t.co/vvjf7neS0w
— Hudson Jameson (@hudsonjameson) September 8, 2022
Coinbasecloud protocol specialist Viktor Bunin reportedly contacted ETHW core to clarify the issue. The result of the query has not been published.
I’m disappointed that our team has to submit a PR (because issues are banned), but it’s necessary to @EthereumPoW team provides clear instructions on chainID
Failure to do so puts all user and exchange assets on both chains at risk due to replay attacks. pic.twitter.com/6Z80AjdDjT
— Viktor Bunin ️ (@ViktorBunin) September 9, 2022
If all goes according to plan, the ETH merge is currently less than a day away.
At the time of writing, the ETHPoW token is trading at $29.71, but exists only as a futures ticker, conceived in anticipation of the upcoming fork. The price of Ether (ETH) is currently $1,599, down 2.26% in the last seven days.