ETHPOW a new fork token for miners to continue mining on ethereum blockchain

in blurtech •  2 years ago 

Ethereum migrating from Proof of Work (PoW) to Proof of Stake(PoS) will be a shift from the use of excessive fossil energy to more conservative greener energy use that requires validators to [stake](https://leofinance.io/@Leo glossary/leoglossary-staking) ETH on the blockchain to validate users' transactions this shift will eliminate the use of mining ASIC machine making them completely obsolete on the network if merge becomes a success in September, high transaction fee with low scaling output performance would be resolved when merge fully goes mainnet on the network this would not only increase scalability but also a push to an eco-friendly blockchain network.

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Currently, ethereum runs on a Proof of Work consensus which means miners have always kept the balance of all transactions-related activities and maintained security, with merge due to take off soon their long-lasting service will no more have effect on the blockchain as PoS requires the use of validators this also means miners with high amount of ETH token can as well become validator or run a pool, a lot of miners have invested much on mining hardware which might likely be of less value once the merge is actively run, this has opted some developers to come up with Idea of new fork in attempt to continue mining using their equipment.

ETHPOW

I fork ethereum once, I will fork it again!
Chandler Guo tweeted

Chandler Guo prominent Chinese miner is attempting to cut the line by introducing ETHPOW a forked token that will be mined by miners when merge goes mainstream according to him ethereum mining hardware will be rendered useless once merge is on and will replace all ethereum mining activities. With the newly introduced fork, miners can be able to continue using their mining hardware to preserve the old proof of work mining on the network.

Some have argued miners can migrate to ethereum classic ETC and continue mining on the network, citing the new fork will require lots of support and finance to be a success.

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