The Ethereum Proof-of-Work (ETHW) organization has recently announced its decision to dissolve, marking a significant milestone in the pursuit of complete decentralization. This move comes as a result of in-depth discussions and consensus among the majority, fulfilling the commitments made since its initial fork from the Ethereum mainnet.
In its official blog post, ETHW stated that the decision to dissolve aligns with its long-term plans to transition towards complete decentralization. The unanimous agreement reflects a thorough examination of ETHW’s ability to operate independently without reliance on Core support. This assessment involved careful consideration of the technical and operational conditions required for ETHW to function autonomously.
Embracing Full Autonomy and PoW Consensus
A key aspect of the consensus reached is the dissolution of the EthereumPoW Core development team, emphasizing the organization’s commitment to achieving full autonomy. Furthermore, the decision upholds Proof-of-Work (PoW) as the underlying consensus mechanism for the chain, ensuring its preservation over the long term.
To facilitate a seamless transition and ensure maintenance during this period, the existing EthereumPoW servers are set to be transitioned to OneDAO, a decentralized protocol on the Harmony network. This strategic move aims to provide stability until long-term ecological partners can be established, further strengthening the ecosystem.
The Ethereum Merge and Dissatisfaction
Prior to the Ethereum Merge upgrade in September 2022, which introduced a transition from PoW to Proof-of-Stake (PoS) consensus, dissatisfaction among developers with increased centralization started to grow. In response, Ethereum miner and ICO investor Chandler Guo created EthereumPoW, with the intention of preserving Ethereum’s original vision and addressing concerns over mining revenue loss.
Grayscale’s Decision to Relinquish ETHPoW Tokens
A year after the Ethereum Merge, prominent crypto investment firm Grayscale made a significant announcement. They declared their “irrevocable” decision to relinquish all rights to ETHPoW tokens on behalf of the record date shareholders of each product. This decision came after a comprehensive evaluation revealed that ETHPoW tokens lacked substantial liquidity and were not supported by the custodian of the products.
By dissolving EthereumPoW and embracing decentralization, the organization aims to establish a deity-less public chain. This strategic shift allows for broader community participation and governance, empowering diverse stakeholders to collectively shape the future of Ethereum’s ecosystem.
The dissolution of EthereumPoW marks an important step towards achieving complete decentralization and preserving the original vision of Ethereum’s community. With a commitment to autonomy, PoW consensus, and decentralized governance, ETHW is laying the groundwork for a resilient and inclusive ecosystem. This transition is essential in ensuring the long-term sustainability and growth of Ethereum as a leading blockchain platform in the decentralized era.
