The ETHPoW fork proposal comes from the miners. It\u2019s solely logical that they wish to preserve Ethereum as a Proof-Of-Work chain, since all of their revenue will evaporate in a single day with the change to Proof-Of-Stake. The merge is supposedly solely weeks away, and the Ethereum neighborhood has their hearts set on the proposed modifications. Nevertheless, the miners have the fitting to fork the chain, and that\u2019s the place ETHPoW is available in.<\/span><\/p>\n ethpow will coming quickly pic.twitter.com\/v9eAbWO2BZ<\/a><\/p>\n \u2014 Chandler Guo (@ChandlerGuo) July 27, 2022<\/a><\/p>\n<\/blockquote>\n Our buddies at Arcane Research set the stage for ETHPoW of their <\/span>The Weekly Update report<\/span><\/a>:<\/span><\/p>\n \u201cLast week, Chinese Ethereum miner Chandler Guo launched a campaign to hard fork the Ethereum blockchain. In the beginning, both chains would be identical, duplicating any holdings. However, although the network can be technically duplicated, the value cannot.\u201d<\/span><\/p>\n<\/blockquote>\n A yr in the past, we at Bitcoinist theorized about this precise state of affairs in an article titled\u00a0<\/span>\u201c<\/span>Does DeFi Make Ethereum Unforkable? Here Are The Facts<\/span><\/a>.\u201d The ETHPoW saga wasn\u2019t even on the horizon, however we mentioned:<\/span><\/p>\n \u201cEven although it\u2019s conceivable that a few of the different tasks might keep two variations, one in every blockchain, within the case of stablecoins that is merely not doable. In the thought experiment, the authors use CENTRE\u2019s USDC.<\/span><\/p>\n \u201cUSDC is a system of record for dollar-backed IOUs. Only one system of record can correspond to the real liabilities of CENTRE, and so the USDC ledger is effectively meaningless on the other chain.\u201d<\/span><\/p>\n<\/blockquote>\n So far, Tether is but to talk on the matter, however Centre mentioned it won’t help ETHPoW. This makes the miners case a lot much less compelling, since because the research we cited says, \u201cgiven how deeply entangled it all is, it\u2019s incredibly challenging to extricate it quickly and safely.\u201d Our conclusion on the thought experiment was easy, \u201cThe incentives are undeniable, \u201call of DeFi is forced to move together.\u201d And it seems like DeFi will help the Proof-Of-Stake chain.<\/span><\/p>\n So, if there\u2019s no approach that this plan goes to work for ETH miners, why are they going by way of with it? Back to The Weekly Update, they pose a principle. \u201cIf stablecoins are worthless on the PoW chain, DeFi on PoW crumbles. But some exchanges will list ETHPoW, causing speculation on the asset and a race to extract as much ETHPoW from the dead ecosystem as possible.\u201d<\/span><\/p>\n Is the miners\u2019 plan that shortsighted? Or have they got an ace up their sleeves?<\/span><\/p>\n In an<\/span> open letter to Ethereum miner Chandler Guo<\/span><\/a>, The ETC Cooperative laid down the case towards ETHPoW. And their reasoning goes into technical issues which can be above most of us\u2019 paygrade. For instance:<\/span><\/p>\n \u201cThis time you will need to fork Geth (and probably also Erigon, Besu and Nethermind). Each of those codebases will need to have the POS transition logic removed, to have the difficulty bomb disabled and also to update the Chain ID to provide replay-protection. Mining software will likely have to be forked\/updated as well, to provide support for that different Chain ID and maybe more. Unlike the client code, which is public and open source, lots of mining software is closed source, and you will need to persuade its authors to make those changes and then to support them.\u201d<\/span><\/p>\n<\/blockquote>\n According to the ETC Cooperative, there\u2019s merely no time left to coordinate all the pieces that the miners would wish for ETHPoW to succeed. However, is it assured that the merge will occur in just a few weeks? The Ethereum developer workforce has postponed the method a number of occasions earlier than. Do the miners know one thing we don\u2019t?\u00a0<\/span><\/p>\n In any case, The Weekly Update poses one other existential menace to the miners\u2019 plan. Simply that, \u201cthere is no community behind ETHPoW, and interestingly, the list of ETHPoW supporters consists of either mining pools or exchanges.\u201d The precise establishments with a transparent incentive to help the fork. \u201cNo dApps or infrastructure providers have publicly supported the fork. And if everyone plans to sell ETHPoW after the Merge, it is yet to be known where the bids will come from.\u201d<\/span><\/p>\n Have the miners not thought-about all of those eventualities? Is the ETHPoW plan a plain money seize? And whether it is, the place will the money come from? Who will purchase what they\u2019re promoting? Or, is there one thing we\u2019re not contemplating? Are there backroom conferences occurring as you learn this? Will the miners shock the world?<\/span>\n
\n
\n
![\"ETHPoW,](\"https:\/\/bitcoinist.com\/wp-content\/uploads\/2022\/08\/ETHminingRevenue-541x420.jpg\")
<\/p>\nEthereum Mining Revenue: 30 Day Moving Average | Source: The Weekly Update<\/span><\/a><\/pre>\n
The Destiny Of ETHPoW Is In The Hands Of The Stablecoin Issuers<\/span><\/h2>\n
![\"ETHUSD](\"https:\/\/bitcoinist.com\/wp-content\/uploads\/2022\/08\/ETHUSD_2022-08-09_22-57-00-640x356.png\")
<\/p>\nETH worth chart for 08\/09\/2022 on BinanceUS | Source: ETH\/USD on TradingView.com<\/a><\/pre>\n
Incredible Technical Challenges Ahead<\/span><\/h2>\n
\n
<\/span>
<\/span>Keep your eye on Bitcoinist for the conclusion to this fascinating story. <\/span><\/p>\nFeatured Image by Do Nhu<\/a> on Unsplash<\/a> | Charts by TradingView<\/a> and The Weekly Update<\/span><\/a><\/pre>\n<\/p><\/div>\n