Proof-of-Work Ethereum (ETHW)
The Ethereum "The Merge" upgrade, which had been anticipated for a long time, reduced the need for miners. Instead of using expensive, energy-intensive devices to secure the network, it replaced them with validators who stake Ethereum, significantly increasing the energy efficiency of the cryptocurrency. However, prior to the Merge, ETH miners won as a result of the creation of ETHW, a hard fork of the Ethereum network that continues to use the PoW consensus mechanism.
But who is ETHW's backer? Chandler Guo, a Chinese miner, developed the PoW-based Ethereum blockchain in opposition to the PoS consensus method. Although miners may have prevailed over stakers in creating the PoW Ethereum chain, ETHW users faced accessibility issues.
The chain ID that ETHPoW utilized is 10001, yet it was at that point being used by a Bitcoin Money testnet. Users of the MetaMask cryptocurrency wallet encountered difficulties as a result of the Chain ID's inability to distinguish between two distinct blockchains.
Because there is no central repository or registry, Chain IDs can be chosen at will. However, the contradiction would have been discovered during pre-hard fork testing, but the ETHW team ignored it. Despite this, cryptocurrency exchanges such as Coinbase and Binance supported ETHW. For instance, Binance stated in its announcement of its ETHW mining pool that it would be evaluated in the same manner as other cryptocurrencies.
The PoW consensus method served as the foundation for the initial version of the Ethereum network, known as Ethereum Classic. The DAO hack, on the other hand, caused this version to be hard forked to protect the network. EthereumFair and EthereumPOW are the other two hard forks of the first Ethereum blockchain that will keep on utilizing evidence of-work mining.
Bitcoin and other proof-of-work cryptocurrencies are touted as a trustless, censorship-resistant form of digital currency that is created when a single person or a small group of people solve a mathematical problem and propose a new block. However, a large number of non-colluding miners must be processing transactions in order to prevent a small group of miners from enacting rules that would weaken the resistance to censorship.
In a similar vein, ETHW miners will continue to solve arbitrary mathematical challenges in order to mine new tokens and validate transactions in order to prevent anyone from abusing the system. They will be rewarded with ETHW, the ETHPoW chain's native asset.