Tech

Ethereumfair embarks on a crusade to save PoW consensus, here’s how

02/06/2023
Bitcoin Ethereum News
  • EthereumFair wants to fork Dogecoin to ensure that it forever remains a PoW network.
  • EthereumFair’s fair performance has dwindled since its blockchain went live.

EthereumFair, the first fork of the Ethereum blockchain in response to the switch to the Proof-of-Stake consensus mechanism, has announced plans to establish a DAO and fork the Dogecoin network.

EthereumFair is a blockchain that claims to uphold the original design of the Ethereum blockchain. It was founded in 2020 and gained attention in the crypto space after the Ethereum blockchain completed its switch to the PoS consensus algorithm.

The switch was a result of Ethereum’s plan to upgrade to Ethereum 2.0, which aimed to fix the scalability problem of the Ethereum blockchain. 

However, the decision to switch was not well received by miners who have been committed to safeguarding the Ethereum blockchain through Proof-of-Work (PoW) consensus.

As a result, a split faction of miners, including the EthereumFair developers, decided to fork the Ethereum blockchain and maintain the PoW consensus system.

According to EthereumFair, the primary reason behind the proposed Dogecoin network fork is to ensure that the PoW consensus mechanism that the meme coin network currently operates does not change. In this regard, EthereumFair tweeted,

“Why there is a dogecoin fork, one is to keep the POW forever, and the consensus will not be changed due to special reasons in the future,” 

Another reason for the fork is to separate the Dogecoin mining algorithm from Wright and allow Ethereum graphics card mining machines to participate, creating a larger consensus group.

In addition, EthereumFair advocates for compatibility with the Ethereum Virtual Machine (EVM) as it is a trend in the industry. 

It added that the intended fork is expected to address the growing contradiction between a large number of retail investors and centralized investors in Dogecoin.

Despite the fork, the Dogecoin ledger will remain 1:1, but some adjustments will be made to the algorithm, transitioning from the Bitcoin series to the Ethereum series, EthereumFair noted.

Ethereum forks – a story of failure? 

EthereumFair was not the only offshoot network created from the migration of the Ethereum network to the PoS consensus algorithm. When the merge was completed on 15 September 2022, the EthereumPOW [ETHW] network also went live.

While EthereumFair has existed since 2020, it launched its PoW blockchain a few days after the merge was declared a success.

Both networks also floated their native coins upon their respective blockchain launches. However, the prices of these crypto assets have since plummeted. For example, per data from CoinMarketCap, ETHF’s price has since dropped by 98%. 

Source: CoinMarketCap

Likewise, ETHW’s value has since gone down by 96%.

As for mining on both networks, data from Poolbay Mining revealed that the mining hashrate on the ETHF network was down 81.52% from the high of 8.97 TH/s which it recorded on 29 September 2022, after the network went live.

Source: Poolbay Mining

ETHW is not any better. Per data from 2Miners.com, the network’s hashrate was at its lowest position ever since it launched. 

Source: 2Miners.com

It should be noted that Proof-of-Work (PoW) networks rely on a high hashrate for security, quick block times, and incentives for miners.

A low hashrate can have negative consequences for these key elements of the network. A low hashrate means that the network is less secure, making it easier for malicious actors.

Source: https://ambcrypto.com/ethereumfair-embarks-on-a-crusade-to-save-pow-consensus-heres-how/