ETHW CORE releases initial version, responding to ETC Cooperative’s “letter of persuasion”

The day of Ethereum merger is getting closer, but the turmoil of ETHW fork has escalated again. On August 15, ETHW Core released its initial version, which means that fork seems inevitable, which is a blow to crypto people who do not support fork. So what are the highlights of the initial version of ETHW CORE? Is the ETHW CORE team trying to make quick money? Will everything go smoothly after the ETHW fork?

ETHW CORE initial version released, EIP-1559 improvement plan attracts attention

Since Ethereum ETHW proposed the upgrade fork, it has been questioned a lot. With the Ethereum 2.0 merger approaching, ETHW Core also released its initial version on August 15, which attracted widespread attention from the market.

The initial version of ETHW CORE mainly includes three aspects: 1. Disable the difficulty bomb; 2. EIP1559 changes: the basic fee is changed to a multi-signature wallet managed by miners and the community; 3. The starting mining difficulty of ETHW is adjusted. In addition, the initial version of ETHW Core releases the chain ID number, the ETHW main chain is 10001, and the ETHW test network is 10002 and 10005 respectively.

In the initial version, the most noticeable improvement is EIP-1559. It changes the previous Ethereum EIP-1559 model of burning basic fees, and transfers the burning fees to a multi-signature wallet shared by miners and the community, and the use of the fees is determined by community governance. Many people think this improvement is innovative, but many people also think it is a scam. Whether EIP-1559 is an innovation or a scam may still need to wait for time to test after the fork is successful.

ETHW hits back at ETC Cooperative’s “letter of persuasion to surrender”, denies “making quick money”

According to Bitpush, on August 9, ETC Cooperative said in an open letter to Bao Erye that the Ethereum POW fork would not succeed, and each of the testnet fork codes would need to remove the POS conversion logic, disable the difficulty bomb, and update the chain ID for protection. Mining software may also need to be forked/updated. There are only a few weeks left before the merger. It is too late to do anything now. "Finally, ETC Cooperative also called for, "There is still time to cancel this fork."

Judging from the current ETHW CORE's action, the release of the initial version has effectively responded to the "letter of surrender" from the "ETC Cooperative". At the same time, with these achievements, ETHW directly responded to ETC: the hard fork is inevitable, and ETC will continue to be a giant baby; ETH has a computing power of 996TH/s, while ETC has only 27TH/s, which is a naked trick to make things difficult for miners.

As for Vitalik Buterin 's questioning of ETHW hard fork supporters as "trying to make a quick buck", ETHW said, "No one in our community has or will get a penny from the work of maintaining PoW. Donations have not been touched. Volunteers used their own credit cards to pay for the server, but their efforts were not financially compensated. Where is the quick money?"

ETHW still has a long way to go

"The various Ethereum PoW fork chains that hold high the banner of justice are not enemies, but should become friends and respect each other's revolutionary ideas. This includes several or dozens of forked PoW public chains such as ETHW that will be born next month, as well as ETC, a PoW fork chain that was born a few years ago, and of course Conflux and other public chains that changed the consensus and embraced the Ethash algorithm." This sentence comes from the ETHW Ecological Partner Alliance Declaration. Under the bold words, many institutions and celebrities such as Gate , Tron , OKX , f2pool, Bao Erye, and Justin Sun have publicly expressed their support; however, ETHW still has a long way to go.

According to Bitpush, on August 9, USDC issuer Circle issued a statement that it will only support the Ethereum PoS chain after the Ethereum merger is completed. On August 10, USDT issuer Tether issued a statement that Tether will support PoS Ethereum according to the official schedule. This means that your stablecoins on the new PoW chain have little value. At present, except for ETHW, other ERC20 tokens are not expected to have much value. On August 17, Aave called on members to choose the Ethereum mainnet that will run under the PoS consensus as the new canonical governance system. At the same time, this will also give Community Guardian the right to shut down any Aave deployment on any alternative Ethereum fork.

There are many leading DeFi protocols like Aave. Before the upcoming ETH hard fork, ETHW may face the dilemma of no mainstream DeFi applications and few user retention. ETHW still has a long way to go in the future. However, the narrative of ETHPoW in the crypto world has opened a new chapter, and perhaps the story behind it will be very exciting.