Ethereum PoW Proponents Vow to Abolish EIP-1559

Proponents of the Ethereum fork are gearing up to eliminate the pivotal EIP-1559. An Ethereum miner, which gained allies from many prominent figures and firms in the industry, has now published an open letter to the community.

The Twitter account of the proposed chain-split fork – EthereumPoW –  said that the once “almighty” Ethereum Foundation has abandoned “decentralization” as part of its missions as the transition towards proof-of-stake (PoS) neared.

Goals

In a long thread, the Ethereum fork supporters said EIP-1559 was an attempt by the Ethereum Foundation to build a bullish narrative at the expense of the miners. They also accused the “elites” of suppressing the voice of miners, who instead are a “political force” that “should wield some political power and influence” to maintain and inclusive political system. They also accused the “TEF and its friends” of coercing miners into cooperating at ease.

Claiming to be a “truly decentralized community of volunteers,” EthereumPoW vouched that the new token will not be pre-mined and there will be no inflation. Maintaining PoW and the Nakamoto Consensus mechanism will remain the focus of the group.

“Abolition of EIP-1559. In a truly open and inclusive system/society, there is no justification for punishing one group of participants in favor of another. We will never idolize leaders, unlike our predecessors. We strive to be an enlightened society.”

It also said that it aspires to eventually become completely autonomous and self-sustained, devoid of any entity governing the blockchain. It plans to achieve this in the next three years.

The idea was first started by a prominent Chinese miner Chandler Guo who had recently mentioned in an interview with Bloomberg that many Ethereum mining manufacturing companies reached out to him to start forking efforts. It soon gained traction after controversial Tron Founder Justin Sun threw his weight behind the proposition of a hard fork.

While Guo may be leading the charge, the suggested fork also garnered support from derivatives platform, BitMEX, which rolled out a futures contract enabling speculators to leverage trade ETHPOW.

Advocating Ethereum PoS

Stablecoin provider Circle has joined the growing list of platforms that have announced full support for Ethereum’s shift to a POS chain.

Its rival Tether also extended its support to service Ethereum’s new chain upon launch. Chainlink, however, confirmed that it will not support Ethereum forks after the Merge that is slated for September 19th.