Ethereum Proof-of-Work fork set to launch 24 hours post-Merge Ethereum Proof-of-Work fork set to launch 24 hours post-Merge
The ETHW team announced the PoW mainnet will start at the block height of the Merge "plus 2048 blocks" to ensure the chainID switches successfully.
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Updated: Sep. 13, 2022 at 1:26 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ethereum proof-of-work hard fork will launch 24 hours following the Merge on September 15, according to a Twitter thread published by ETHW.
ETHW Core Announced the Plan for Mainnet#ethereum #ethw #ethereummerge #ethereumfork $ethw $eth #ethpow
1/n pic.twitter.com/cnYOW6l1iU
— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 12, 2022
ETHW is the team behind the Ethereum PoW hard fork splinter from the Ethereum mainnet.
They also divulged the precise timing of the fork would be announced 1 hour before its launch, with all data “including the final code, binaries, config files, nodes info, RPC, explorer” to be “made public when the time’s up.”
What will happen to Ethereum PoW post-Merge
The Merge will see the Ethereum mainnet switch its consensus mechanism from proof-of-work to proof-of-stake, removing the energy impact from PoW mining. Ethereum miners will be supplanted by validators, which drove miners to launch the Ethereum PoW fork to continue running the old PoW network.
The PoW and PoS chains will run in parallel post-Merge. If the PoS chain performs well and boosts the value of ETH, it may cause applications and tokens on the PoW version to decrease in value.
ChainID switch
The ETHW team said the PoW mainnet will start at the block height of the Merge block and additional 2048 empty blocks as padding to ensure the chainID switches to chainID 10001 successfully and the chain will be the longest chain of ETHW.
The team confirmed it will use chainID 10001 instead of the current chainID 10002 to differentiate itself and prevent replay attacks or duplicate and forge blocks on the two chains on the Ethereum mainnet.
Backers of ETHW
Several exchanges are supporting ETHW and have begun listing IOU versions of the ETHW token, including Gate.io, Phemex, DigiFinex, and CoinW.
If the fork is successful, IOU ETHW tokens can be swapped for ETHW tokens on a 1:1 basis after the Merge.
Exchanges that have listed ETHW include Coinbase, Poloniex, and Bitfinex.
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Cynthia Chung
Cynthia is an avid writer who is fascinated by the potential of blockchain tech. She also resonates with Web3 values, especially creative expression and individual autonomy. Since discovering crypto in 2019, she has dedicated her work towards reporting on developments in the blockchain and crypto space.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Phemex
Phemex is a Singapore-based and fastest cryptocurrency and derivatives exchange.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Poloniex
Poloniex is a US-based cryptocurrency exchange platform offering a wide variety of digital assets.
Bitfinex
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.