In a significant announcement today, EthereumPoW (ETHW) declared its pivot towards a decentralized governance structure, symbolizing a deliberate step toward full autonomy. This strategic move underscores the community’s commitment to fostering a decentralized ethos within the platform while affirming proof-of-work (PoW) as its foundational consensus mechanism, ensuring robustness and sustainability.
Marking this transition, the EthereumPoW network will transform into a fully autonomous public chain, aligning its operational framework with the principles of decentralized governance. This strategic shift aims to fortify the network’s independence and resilience.
During this transitional phase, OneDao, a decentralized protocol on the Harmony network, will oversee the interim maintenance of EthereumPoW servers. This provisional arrangement is a stopgap measure until long-term ecological collaborators are identified, resonating with ETHW’s vision of nurturing a decentralized ecosystem.
EthereumPoW emerged subsequent to Ethereum’s migration from PoW to a proof-of-stake (PoS) consensus mechanism in September 2022. Despite facing challenges and garnering limited support from major entities like Grayscale Investments, EthereumPoW has sustained its operations. The value of the ETHW token surged to a peak of $58.54 in September 2022 but has since experienced a decline in valuation.
This significant decision underscores EthereumPoW’s commitment to a decentralized future, cementing its path toward fostering a self-sufficient and independently governed ecosystem in the blockchain landscape.
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