What is EthereumPOW (ETHW)?
EthereumPOW is a hard fork of Ethereum which came about during the Merge that happened in 2022. The Merge happened because it was decided to migrate Ethereum to the Proof-of-Stake (PoS) consensus mechanism. EthereumPOW, as the name suggests, stuck to the Proof-of-Work (PoW) consensus mechanism, which was the initial system employed by Ethereum.
EthereumPOW is designed to uphold Ethereum's original intentions of decentralization and community control. This version of the blockchain allows miners to gain ETHW by verifying transactions with mathematical equations and creating new blocks. ETHW is a token that does not have a contract address as it belongs exclusively to the public chain. The live ETHW price can be observed on the EthereumPOW price chart above.
Use Cases of ETHW Tokens
The ETHW crypto token is mainly utilized as a means of providing compensation to miners in the ecosystem. As it is the native token of EthereumPOW, it can be traded, purchased, and exchanged on crypto exchanges. As of writing this, there are not many practical applications for ETHW coin. However, its presence provides financial security to those miners who would have otherwise been left without income due to Ethereum Merge. By solving mathematical problems and mining tokens they still have an opportunity to gain ETHW. You can estimate the value of these rewards by checking the live EthereumPOW price on the chart above.
Who Founded EthereumPOW?
Chandler Guo, a Chinese miner and angel investor with extensive experience in the crypto mining industry, founded EthereumPOW because he foresaw that miners would be negatively impacted by Ethereum's transition from PoS to PoW. To help these miners keep going, he created the ETHW token, which allowed them to mine hard-forked ETHW.
Guo has been an advisor for many businesses and has spoken at various blockchain-related and cryptocurrency conferences. He also works with other tech experts and crypto investors worldwide who have faith in the PoW consensus mechanism.
ETHW Tokenomics
People who had ETH in their possession before the Merge were given ETHW through an airdrop with the amount received depending on how much they owned. As there is no contract address for ETHW, it did not have an initial coin offering (ICO) or any set distribution plan. The mining process for this cryptocurrency helps to ensure its stability on the blockchain.
Recall that you can see the current and the previous ETHW price on the chart above.
