Ethereum PoW fork developers could not launch network immediately
Within hours of The Merge activation on the Ethereum mainnet, the EthereumPoW fork team announced the launch of the mainnet but ran into problems.
Data OKLink show activity in the network. Transaction volume reached 3.73 million ETHW. The number of addresses stands at 254.5 million.
The project, advanced by a group of miners led by Chandler Gu, is designed to preserve the ability to mine the “original Ether” on the chain using the Proof-of-Work (PoW) consensus algorithm after Ethereum’s transition to Proof-of-Stake (PoS).
The network, the second-largest by market capitalization, successfully migrated on September 15 at 09:42 (Kyiv/Moscow time). Around 17:00, the ETHW developers published the main network identifiers.
Users reported difficulties accessing the network. As of writing, the blockchain explorer is not working.
how to access to my ETHW? I tried to add this new chain to Metamask but it doesn’t work!
— ilgiga (@ilgiga) September 15, 2022
In discussion, it emerged that the developers used the Chain ID identifier belonging to the Bitcoin Cash testnet named Amber.
10001 is already used by smartBCH’s testnet «Amber». Please kindly use another chainid to avoid conflict, thank you.
— smartBCH (@SmartBCH) September 15, 2022
Some commentators reminded that many had warned the fork team about the wrong value, which is already in use.
You were warned, multiple times, by companies and individuals, that that exact Chain ID is already in use.
Now, as you can see in the comments, people are having issues due to this Chain ID mismatch.
— pokkst (@pokkst) September 15, 2022
Announcing the mainnet launch within 24 hours after The Merge, ETHW developers noted that solving the technical problems would take some time. Among the latest they cited the successful switch of the network identifier from the Ethereum value.
Against the backdrop, ETHW’s token price over the day fell by almost 68% to $13.26. The day before the merger, quotes rose above $60.
24-hour trading volume surged by 1,896%, to $121 million. The token, issued as debt instruments, trades on nearly two dozen platforms, including FTX, Huobi, Bybit and others.
Among the latest was Poloniex, but on September 15, ahead of ETHW’s launch announcement, the platform said it had chosen another PoW fork — EthereumFair (ETF).
Poloniex has renamed #ETHW as @EthereumFair #ETF and resumed the trading of ETF markets (USDT, USDD, ETH) on Sep 15, at 13:15 (UTC).
The trading history of ETHW markets is inherited by the corresponding ETF markets.
Details: https://t.co/CobIKrUnfK pic.twitter.com/aTAGWpSqus
— Poloniex Exchange (@Poloniex) September 15, 2022
In August, ETC Cooperative head Bob Summerwill, in an open letter to Chandler Gu, expressed doubts about the viability and feasibility of the fork. He urged abandoning the project and joining mining of Ethereum Classic.
After Ethereum’s migration to PoS, the ETC network’s hash rate grew from about 65 TH/s to 290 TH/s. Daily growth was nearly 350%.
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