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Disappointing start of Ethereum proof-of-work forks; ETHW and ETF status check

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Shortly after Marj’s historical update, two new proof-of-work networks named EthereumPoW and EthereumFair have been forked from the main network. But what is the status of these new forks that were launched with the aim of maintaining mining?

According to Mihan Blockchain, after a long time of discussion and controversy about maintaining the proof of work in the Ethereum network, with the update of Marj on Thursday morning, 24 September, and the closing of the proof of work file in this network, the fans of the proof of work fork finally took action. By the time of writing this article, less than 4 days have passed since the precise and painless implementation of Marj’s complex update in the Ethereum network, 2 proof-of-work forks have been formed from the Ethereum network.

These two forks are the fork of the EthereumPoW team, which is led by Chandler Guo, a famous Chinese miner, and whose crypto symbol is ETHW; And the EthereumFair fork, which was formed with the support of Justin Sun and the Poloniex exchange (owned by Sun), and whose crypto symbol is ETF.

But unlike the complex update of Marj, which was implemented without any problems despite the technical difficulties, Ethereum Proof of Work faced numerous technical problems at the beginning of its journey, and these technical problems were accompanied by two-handedness of leaders and economic problems. In the continuation of this article, we will examine the story of Ethereum network proof-of-work forks in the last few days.

Many problems with China ID

In the first technical issue encountered by the new ETHW proof-of-work chain, it appears that ETHW miners were redirected to the IceBerg test network instead of mining on the main network due to a Chain ID misconfiguration:

:)) Proof-of-work ethereum miners were misdirected to Chain ID and are mining the test network!

Wu Blockchain also reported that the Chain ID set for Ethereum Proof of Work appears to be the same as one of the Amber test network owned by SmartBCH. SmartBCH is a sidechain for Bitcoin Cash that is compatible with the Ethereum virtual machine. The assets in the Ember test network have no economic value; But EthereumPoW network users are at risk of replay attack.

On the other hand, therefore BlockSec report Another problem in the verification process of Chain ID in the Ethereum Proof of Work network has caused this network to be attacked by re-executing the transactions of the main Ethereum Proof of Stake network, and apparently a hacker is imagining ETHW through China’s Omni-Nosys bridge. Of course, it should be noted that this issue is nothing to worry about for Ethereum main network users.

Justin Sun supported EthereumFair instead of EthereumPoW

Shortly before the launch of the EthereumPoW network, the Justin Sun exchange, which was one of the first supporters of the Ethereum fork Announced Instead of supporting ETHW, it supports another fork of the Ethereum network called EthereumFair with the symbol ETF.

5 minutes before the release of information on the EthereumPoW main network, Justin Sun announced that the Poloniex exchange will support another fork of the Ethereum network, which will be called EthereumFair, and its coin will be distributed among the holders of 4 other cryptocurrencies, none of which are Ether!

Crypto space…!

Details about EthereumFair are not yet available, but according to the information published on the project’s Twitter account, the cryptocurrency ETF will be distributed among holders of Bitcoin, Dogecoin, Ether Classic, and Classzz (symbol CZZ). Interestingly, ether holders are not included in the airdrop of this ether fork, and it seems that this project derives its identity primarily from proof of work rather than from the ethereum network.

Also, in addition to Poloniex, Hobby and Gate.io exchanges also listed ETF cryptocurrency and started trading it on Friday.

Chandler Guo unhappy with Justin Sun’s decision to support a rival fork Stated“Polonix made a big mistake.”

The impact of these events on the price of ETHW

The problems encountered for ETHW were accompanied by economic consequences and ETHW cryptocurrency price which before the fork and the formation of its trading network was flowing in some exchanges and was traded around 45 dollars, after the fork and the technical problems and the loss of Justin Sun’s support, it fell sharply and by the time of writing the news it was about 7.3 The dollar has arrived.

ETHW price
ETHW price from launch to today; Source: Coin Market Cap

Of course, apart from these problems, the selling pressure of 3.1 million ETHW by Gary Scale was also one of the factors of the price drop and the disappointing start of Ethereum Proof of Work.

Perhaps these stories around ETHW and ETF are more than a sign that the old Ethereum Classic network (ETC) is the most reliable option among all available options to maintain proof of work on the Ethereum network.

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