EthereumPoW will disband its core development team to achieve full autonomy for the network.
The announcement today reflects the EthereumPoW (ETHW) community’s desire for a decentralized governance structure. Following the dissolution, ETHW will become a fully autonomous public chain. This move also aligns with their commitment to uphold proof-of-work (PoW) as the underlying consensus mechanism for the chain, ensuring its stability and longevity.
During this transition period, OneDao, a decentralized protocol on the Harmony network, will temporarily take over the maintenance of the existing EthereumPoW servers. This is a temporary solution until long-term ecological partners are identified who align with ETHW’s vision of a decentralized ecosystem.
The EthereumPoW blockchain was created following the Ethereum network’s shift from PoW to a proof-of-stake (PoS) consensus mechanism in September 2022. Despite challenges, including limited support from major entities like Grayscale Investments, EthereumPoW has continued its operations. The ETHW token reached a high of $58.54 in September 2022 and has since fallen in value.