In a significant development, the EthereumPoW (ETHW) organization has made the decision to dissolve itself. After thorough discussions and a consensus among the majority, the entity is fulfilling its initial commitments to transition towards complete decentralization. This decision reflects a careful assessment of ETHW’s ability to operate independently, without relying on Core’s support.
The unanimous agreement to dissolve the EthereumPoW (ETHW) Core development team marks an important step towards achieving full autonomy. The underlying consensus for the chain, based on the proof-of-work (PoW) mechanism, is set to be maintained over the long term. This commitment to PoW highlights the organization’s dedication to preserving the original vision of Ethereum.
Moreover, ETHW is now embracing decentralized governance, aiming to establish itself as a deity-less public chain. This shift towards decentralization reflects the organization’s belief in the power of community and the importance of decision-making processes that are open, inclusive, and transparent.
As part of the dissolution process, EthereumPoW servers are set to be transitioned to OneDAO, a decentralized protocol operating on the Harmony network. This move ensures transitional maintenance and support until long-term ecological partnerships can be established. By joining forces with OneDAO, EthereumPoW aims to forge new paths for innovation and collaboration within the blockchain ecosystem.
The decision to dissolve EthereumPoW comes in response to growing dissatisfaction among developers with the increased centralization associated with the new Ethereum proof-of-stake (PoS) consensus mechanism. The original vision of Ethereum, as championed by Chandler Guo, former Ethereum miner and ICO investor, was to ensure the preservation of mining revenue and maintain a decentralized network.
Adding to the evolving narrative, prominent crypto investment firm Grayscale recently declared its “irrevocable” decision to relinquish all rights to ETHPoW tokens on behalf of record date shareholders. This decision stems from a comprehensive evaluation of the tokens, which were found to lack substantial liquidity and lacked support from the custodian of Grayscale’s products.
The dissolution of EthereumPoW signifies a pivotal moment in the blockchain industry. It underscores the importance of continuous evolution and adaptation to address the changing needs and preferences of the community. By prioritizing decentralization, autonomous operation, and embracing alternative consensus mechanisms, EthereumPoW is positioning itself as a dynamic player in the ever-evolving blockchain landscape.
As the industry continues to mature, it is imperative for blockchain organizations to critically assess their structures and mechanisms in order to align with the values and aspirations of the community they serve. The dissolution of EthereumPoW marks a crucial step in this direction, setting the stage for the emergence of new paradigms and further advancements in the blockchain space.