- On Wednesday, ETC Group made an announcement which left everyone in shock during the preparations of the major upgrade, Merge.
- The group shared its plan to carry on with the proof-of-work consensus mechanism instead of shifting it to the proof-of-stake for Ethereum exchange-traded products.
At the same time, that very group issued a paper last month whose title was: ‘why structure matters in crypto ETPs.’ The declaration recognizes the difference between its crypto ETPs and its opponents’ European crypto ETP proposals. It also mentioned its point of view on the non-success of its opponent crypto ETPs.
According to a report, ETC Group gained a handsome growth of 34,259% from its first introduction on June 8 2020, to June 1, 2021. Adding to it, the firm gained its height in assets of $1.7 billion and earned the ETF Express Editors award this year. After that, it declared itself to be the most convertible and one hundred per cent physically supported Bitcoin ETP in the world.
Exchange-Traded Product
In line with the announcement, the freshly introduced ETH ETP of ETC Group will totally depend upon the Proof-of-work consensus mechanism. The proof-of-chain will receive a new token named as ETHW.
The ETHW will give a foundation for ETC Group’s fresh, physically supported ETP named ETHWetc. If we go through the group’s report, ETHWetc is anticipated to be registered on Deutsh Boerse’s electronic trading platform, Xetra. Thus, its sign will be ZETW.
The firm claimed that it expected the registration to happen very soon after the ETH fork episode on September 16. ETC Group also disclosed that ZETW would eventually take the place of ZETH in an equivalent ratio of 1:1 units on the brokerage version.
Bradley Duke, the founder of ETC Group, revealed that the initial vision of the company was to get profit from the hard forks of current cryptocurrencies. He further revealed that the holders of their Ethereum will get the same attainable proportions of the fresh ETH PoW ETP. this all will be possible after the launch of the Merge.
The chief executive officer explained that they trust their investors are rightful to get the profits from the fork. As many firms are searching for new mining options, ETC Group issued this publicization.
Talking about investors, the Swiss-regulated Crypto platform SEBA Bank permitted ETH holding services for institutional investors. The bank revealed that it is an institutional group proposing to make the customers able to generate rewards on their ETH holdings every month.
Source: https://www.thecoinrepublic.com/2022/09/14/etc-group-to-continue-eth-pow-fork-for-etp/