EthereumPoW (ETHW) currency introduction
EthereumPoW (ETHW) Introduction
EthereumPoW (ETHW) is a cryptocurrency that was born in September 2022 from the work of the Ethereum network During the transition period from the Proof of Work (PoW) consensus mechanism to the Proof of Stake (PoS) consensus mechanism.
Background of Birth
ETHW was created due to a group of miners in the Ethereum network who were unwilling to give up the PoW consensus mechanism. They believe that the PoS consensus mechanism will give large miners greater power, thereby compromising the decentralization and security of the network.
Technical Features
ETHW adopts the same PoW consensus mechanism as the previous version of Ethereum 2.0. This means that ETHW miners use computing power to verify transactions and create new blocks. In addition, ETHW has the following technical features:
- Code fork: ETHW is a hard fork of the Ethereum mainnet and has an independent blockchain.
- Block Reward: ETHW Miners can receive 2 ETHW as a reward for each block they create.
- Difficulty Adjustment: ETHW’s difficulty will be adjusted regularly to ensure that the average block time remains around 12 seconds.
Relationship with Ethereum
ETHW has a close relationship with Ethereum, but there are differences in technical details and development roadmap:
- PoW vs. PoS: ETHW still uses the PoW consensus mechanism, while Ethereum has moved to PoS.
- Separate Blockchain: ETHW has an independent blockchain, separate from the Ethereum mainnet.
- Token Value: ETHW token has a different value than ETH, with a lower market valuation.
Uses
ETHW is mainly used for the following purposes:
- Mining: Miners can use Computing power to mine ETHW and receive rewards.
- Store of Value: Some investors view ETHW as a crypto asset with potential value.
- Transaction means: ETHW can be used to pay for goods or services, but its acceptance is relatively low.
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