The developers behind the potential Ethereum PoW (ETHW) fork have released the cryptocurrency manifesto.

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Proof-of-Work Manifesto: Open Letter to the Ethereum Community

“He who fights dragons for too long becomes a dragon himself; And if you stare too long into the abyss, the abyss will stare at you.”

– Friedrich Nietzsche pic.twitter.com/rywLMQVbTw

— EthereumPoW (ETHW) Authority (@EthereumPoW) 10 August 2022

The developers stated that the Ethereum Foundation has abandoned “centralization”. They also remembered the collapse of the DAO. Back then, the byproduct of the Ethereum hard fork was the emergence of Ethereum Classic.

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We refrain from speculating about the motivation that caused the Ethereum elites to temporarily suspend their immutable ledger narrative. However, the ideological difference carried the division that separated the community into ETH and ETC.

— EthereumPoW (ETHW) Authority (@EthereumPoW) 10 August 2022

“[…] there is nothing decentralized in the decision-making process; community-based governance is only nominal; The authors, ideology and everything else have been dropped in favor of higher coin prices,” he wrote.

Presenting themselves as a “truly decentralized community of volunteers,” the developers gave the main points of the cryptocurrency manifesto:

• no premiums and no inflation;
• Support for the Proof of Work (PoW) algorithm;
• Cancellation of the EIP-1559 offer, which means burning some of the transaction fees.

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5. The network EthereumPow (soon to distinguish from the PoS alternative chain) will eventually become fully autonomous and self-sustaining, devoid of any governance entity. We set the goal of achieving this within 3 years.

— EthereumPoW (ETHW) Authority (@EthereumPoW) 10 August 2022

EthereumPow network (to distinguish it from a future alternative chain POS) must eventually become completely autonomous and self-sufficient, devoid of any management organization. We set a goal to achieve this in three years,” the thread says.

Proposal EIP-1559 became part of the London hard fork. It gained support from developers and users, but divided miners into two camps.

Opponents of the proposal, including the SparkPool and Ethermine pools, which jointly control 44.8% of the network hash rate, wanted to concentrate more than 51% of computing power in the latter. However, his attempts were unsuccessful.

A recent split in the community caused Ethereum to switch to the Proof-of-Stake consensus algorithm during the activation of The Merge update. The upgrade will significantly affect the fundamental qualities of the cryptocurrency, making it deflationary and much more environmentally friendly.

The developers have tentatively confirmed the mainnet transition for September 2022. The transition of the Goerli testnet to the PoS algorithm will occur when the cumulative network complexity reaches 10,790,000.

At the end of July, influential Chinese miner Chandler Guo expression The idea of ​​a fork with the advent of an Ethereum fork that will continue to work on the Proof-of-Work algorithm. The resulting ETHPoW asset will allow miners of the capitalized second-largest cryptocurrency to continue working after the merger.

The Poloniex marketplace has already announced support for Ethereum’s alleged PoW fork, listing ETHPoS (ETHS) and ETHW tokens on August 8. The MEXC Global platform did the same.

BitMEX announced the ETHPoW-based derivatives, and Huobi said it would take steps to support a potential fork once it “gets the big picture of user sentiment” and if the assets meet the listing rules.

Trading platforms Digifinex and OKX have begun assessing the consequences of a possible fork of the second-largest cryptocurrency by capitalization.

The opposite opinion was expressed by the teams of the DeFi platform DeBank and the Chainlink decentralized oracle network.

Recall, Citi analysts stated that the Merger will reduce the energy density of the Ethereum network, transfer the asset problem to a deflationary model, and “pave the way to a more scalable future through sharding.”

CoinShares experts have been skeptical of the prospects for a potential PoW fork of Ethereum, calling it “impractical”.

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