EthereumPoW is the blockchain network forked from the Ethereum blockchain at the time of the Merge, which transitioned Ethereum from the Proof-of-Work to the Proof-of-Stake consensus mechanism. EthereumPoW cloned the state of Ethereum at the block heights of the Merge.
The EthereumPoW network was created by a Chinese miner Chandler Guo. The project team is currently focusing on two key goals: improving the consensus mechanism and reducing dependence on Chinese miners. The EthereumPow project is supported by users from all over the world that prefer Proof-of-Work to Proof-of-Stake. While it is beneficial for those who want to get mining rewards, the network users faced accessibility issues. The Chain ID acted as an identifier and couldn’t differentiate between two networks.
After the EtheremPoW was created the users were offered a choice: whether they want to deploy their dApps and issue stablecoins on the Proof-of-Work or on the Proof-of-Stake network.
EthereumPow is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third-party interference.
Any miner can add a block on the EthereumPoW network with the clear stipulation that the first block published is the correct one. Though in fact, due to the latency of data propagation, more than one legitimate block is occasionally discovered by the network. It creates numerous forked branches of the network.
The miners can still get the ETHW tokens through mining, namely, by joining Mining Pools — for example, the Binance Mining Pool. More and more pools are joining. There is also numerous project built on top of the EthereumPoW network, including NFT marketplaces, crypto wallets and decentralized exchanges, decentralized naming system.
ETHW is the native token of the project. The total supply of ETHW tokens will be limited to 1 billion, with 500 million distributed to miners. The remaining tokens will be held by the team and used for development. The circulating supply of the ETHW tokens as of January 2023 is 107 million tokens. Initially, the circulating supply of the ETHW was the same as the one of Ethereum, but since the Ethereum 2.0 staking contract only has a deposit function, the staked ETH token can’t be withdrawn on the EthereumPoW, hence the circulating supply was reduced by 13 million tokens.
Average Fees on the EthereumPoW
The average gas cost on the EthereumPoW network is around 120 ETHW, but in January 2023 it didn’t go higher than 43 ETHW. The average transaction cost on the EthereumPoW network is between 0.002 and 0.003 ETHW.
The ETHW Wallets
The ETHW tokens are available on most of the common platforms and exchanges, including Coinbase, Binance, Crypto.com, Math Wallet, MetaMask, Ledger, Bybit, Trust Wallet, MyEtherWallet, etc.
