ETHW/USD (-5.33%)
ETHW is now one of three coins that are related to ‘Ethereum’. The other two are Ether (ETH) and Ethereum Classic (ETC). Both Ethereum Proof of Work (ETHW) and ETC use the proof of work consensus mechanism, while the recently merged version - ETH - uses proof of stake. ETHW aims at retaining users who trust the proof of work consensus mechanism and those who intend to keep mining the coin.
A Bit About Ethereum PoW
Vitalik Buterin, the founder of Ethereum, strongly opposed the hard fork of the network to form Ethereum Proof of Work. However, a number of famous individuals have been calling for the hard fork. A key figure in this movement is Justin Sun, the CEO of BitTorrent and Tron. This new coin shares all characteristics with the old ETH coin, including the total supply and utility.
The Classic Ethereum powered by Proof of Work, still giving mining opportunities.CryptoLists.com
Ethereum Proof of Work is a hard fork of Ethereum. It uses the proof of work consensus to secure the network. The proof of work mechanism is known for being extremely secure as it has never been hacked. It is compatible with many different crypto wallets, including Metamask and Bitkeep.
Utility of Ethereum PoW?
A key function of this coin is to pay transfer fees on the Ethereum Proof of Work blockchain. If you want to transfer tokens that are built on this blockchain, you have to hold ETHW coins as well since these will need to cover the transfer fees. ETHW is also used as a currency and can be exchanged for goods and services online. A key benefit of this coin is that it has been used for a long time as ETH and has proven to be highly secure.
The main utility of ETHW is that you can mine it.
Ethereum PoW Price details
›› ETHW tokenomics and social media
Advantages of Ethereum PoW
+ Proof of work has been proven to be extremely secure.+ You can store ETHW in many crypto wallets.
+ Ethereum Proof of Work is listed on various crypto exchanges.
+ Miners can still earn the ETHW token.
+ Its online community is growing fast.
Disadvantages
- Its hash rate is very low.- More people are likely to stick to ETH instead of switching to ETHW.
- The market cap of the coin is still very low.
- ETHW token does not have a proper, detailed white paper.
Costs
▪ Rated at 10/10Since this coin isn’t being used widely at the moment, the transfer fees are still very low. These fees average at around 0.0002 ETHW, which is almost equal to $0. On the higher end, you may have to pay a transfer fee of $0.01 and $1.67. If the coin gains popularity among crypto users, it is likely that the transfer cost will go up. However, the fee is unlikely to reach the level of the old ETH coin as it will not achieve such a high level of popularity.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 10/10
Ethereum Proof of Work coin has become quite controversial as it has retained the old code of Ethereum. Vitalik Buterin, the creator of Ethereum, doesn’t support the project and sees it as a scam. According to him, miners could still go back to Ethereum Classic as this coin still uses the proof of work consensus mechanism.
It has received support from Justin Sun, the owner of Poloniex Exchange and BitTorrent. Many miners have also stuck with the proof of work mechanism. While Ethereum POW is likely to survive just like Ethereum Classic, it will most likely not achieve the same level of popularity as ETH. It is worth noting that the proof of stake mechanism has major benefits over PoW, and this will pull people further away from EthereumPOW. At the moment, it has more than 82,000 followers on Twitter.
FAQ
Is Ethereum POW the same as Ethereum?
No, in September, Ethereum completed the Merge and now uses the proof of stake consensus mechanism. Some users of the network chose to stick with the old proof of work code and created a hard fork known as Ethereum Proof of Work. This new coin is known as ETHW.
What is the circulating supply of ETHW token?
This cryptocurrency has an initial supply that is similar to that of ETH. However, it is expected that the circulating supply of these coins will diverge as ETH will have a much lower inflation rate than ETHW. The new coin can still be mined and will likely increase its supply faster.
Where can I purchase ETHW?
You can buy this altcoin on many centralized and decentralized exchanges. Poloniex was the first crypto exchange to list it, but it is now also available on Gate.io, FTX, Kraken, Huobi, Crypto.com Exchange and Kucoin.
Who founded Ethereum Proof of Work?
Ethereum was founded by Vitalik Buterin, but he was against the hard fork to ETHW. The new coin is supported by a group of miners who stand to lose a lot from the switch to proof of work. Also, Justin Sun has become vocal about his support for the hard fork.
Which wallets can I use to store my ETHW token?
You can store these coins in any wallet that supports custom RPC. These include MetaMask, Tokenpocket, and Bitkeep.
History of Ethereum PoW
16th of September, 2022 - Ethereum Proof of Work goes live the day after Ethereum switch to Proof of Stake. It is based on the same code as the original Ethereum.
›› Trade Ethereum PoW here›› Buy/Sell Ethereum PoW hereScreenshots from Ethereum PoW
More sites where to buy/sell/trade Ethereum PoW
Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this coin. Click on the logo to read our review.
Remember to never risk money that you can not afford to loose. Crypto currencies is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
