Sep 19, 2022 11:10

ETHPOW: MEXC first to open ETHW deposits after Merge

As cryptocurrencies look to pare some losses following a Monday market downside, the latest crypto news is about EthereumPow (ETHW).

In an announcement published today, global cryptocurrency exchange MEXC Global, which has key registrations and licences in countries such as the US, Australia and Estonia, said it has begun allowing deposits for EthereumPoW’s ETHW token. 

The move comes after the Ethereum Merge, a historic software upgrade by Ethereum (ETH) that finalised the blockchain network’s transition from a PoW network to a PoS network on 15 September. 

As reported here before the merge, EthereumPow launched its mainnet 24 hours later, a fork of the Ethereum chain that will continue on the proof-of-work consensus path to give miners a chance to recoup value invested in crypto mining equipment. Experts have indeed warned that a dump of graphics cards used in mining farms on the secondary could hit the semiconductor firms like AMD and Nvidia.

MEXC opens ETHW deposits

According to MEXC, ETHW deposits were opened for the entire network on 15 September at 15:20 UTC – the first-ever cryptocurrency exchange to take the step post-merge.  

The move was a boost to the crypto trading platform’s appeal as people began to look for trading venues with ETHW deposits. The ETHW deposit feature followed on MEXC’s support for the proof-of-work fork token as announced in the days leading up to the Merge date.

With the addition of ETHW, MEXC took that crucial step to bring off-exchange ETHW onto the platform for trading purposes.

Also on 15 September, MEXC distributed the ETHW to users after a snapshot of the Ethereum mainnet at the merge switch and announced it would support other PoW forks if they surfaced.

The ETHW token dipped to lows of $9.00 on the merge day, losing nearly 80% of its value against the US dollar. The decline from highs of $52.00 continued post-merge and early Monday amid widespread selling in crypto, with a new low around $4.12 according to CoinGecko.

Currently, ETHW/USD is 2.2% up in the past 24 hours to trade around $6.14.

The post ETHPOW: MEXC first to open ETHW deposits after Merge appeared first on Invezz.

from Cryptocurrency – Invezz

Sep 16, 2022 07:05

Ethereum Fork ETHPoW: How to Add ETHW to MetaMask? The Complete Guide

This article is a complete guide on how to add ETHW to MetaMask Wallet. Let's take a look at it in more detail.

Sep 09, 2022 04:40

Ethereum's potential fork ETHPOW has crashed 80% since debut — more pain ahead?

A recent report has narrowed ETHPOW's downside target to $18 if the token ever comes to life post-Merge.

Sep 07, 2022 08:55

The FREE Coin All Ethereum Holders Get Once Ethereum 2.0 Goes Live - Top Exchanges Confirm They WILL List It...

So it's confirmed - A group of developers are working behind the scenes with Ethereum miners to hard fork the Ethereum blockchain after next week’s merge. This means there will still be a version of the network running on the current Proof-of-Work (PoW) consensus mechanism while the 'official' Ethereum 2.0 blockchain transitions to Proof-of-Stake (PoS).

With that comes a separate and completely independent Ethereum token, currently being called 'ETHPoW' but the coin's official name is still undecided. 

All Ethereum holders will receive ETHPoW automatically, an amount equal to the regular Ethereum you hold...

Major exchanges Binance, MEXC Global, Gate.io, and FTX have already agreed to list and support trading of the forked token. Poloniex is even a step ahead of the rest, and has already listed a placeholder token that will be swapped for the real thing once it's live.

Coinbase and Kraken both say they're open to supporting it, but haven't yet made a full commitment, likely waiting to see if the coin will have any demand or value.

ETHPoW will join the two existing Ethereum tokens - the 'official' Ethereum (ETH) and Etherum Classic (ETC)...

The upcoming 2.0 fork won't be Ethereum's first, the previous fork ended with two coins and two versions of Ethereum - Ethereum and Ethereum Classic. 

To summarize what happened then - in 2016, hackers exploited a security hole in a project called 'The DAO' allowing them to steal about $50 million worth of ETH. A solution was proposed to re-launch Ethereum with the history of the hacked coins completely erased, like it never happened.

How they went about doing this caused a lot of controversy, it was all decided when the proposal was put to a short notice on-chain vote. Only 5.5% of potential voters participated, but since the majority of them voted 'yes', the fork happened.

Those in the Ethereum community who disagreed with the decision simply ignored the change and continued to participate on the original Ethereum network, which became known as Ethereum Classic. 

While Ethereum Classic is considered one of the most successful forked tokens, ETHPoW's Success is far from a 'sure thing'..

When Ethereum Classic started, its support, in large part, came from the controversy that created it.

Some in the community strongly disagreed with the idea of editing the 'true' history of the Ethereum blockchain, and Ethereum Classic kept that intact. Others disagreed with how the decision to fork the coin was made, saying they would support any decision that had over 50% of potential voters backing it, but the fork went ahead without even coming close.  

Ethereum Classic succeeded, and is still active today, because the people behind it truly believed in it.

But when it comes to Ethereum 2.0 - it isn't controversial, it doesn't violate the beliefs of a large portion of the community.  

The only segment of the community united against 2.0 are miners, because once Ethereum has fully moved to the 2.0 Proof-of-Stake consensus mechanism, miners are no longer needed to verify transactions. Their motivation to continue supporting the old version of Ethereum is entirely profit-based. These are the same miners who loved it when we couldn't send $1 on the Ethereum blockchain without paying a $75 fee.

That just doesn't sound like the beginning of a token that will have long term success.

Take a look at the two most successful forks in crypto's history - Ethereum Classic and Bitcoin Cash. All others have faded away, while these two remain in the top 50 because they're backed by a community of supporters who believe their existence is important. You can find their supporters making passionate arguments on where they think the 'official' version of the coin went wrong, and why these alternatives make things right.

This is why dumping ETHPoW as soon as possible may end up being the smartest move... 

There already is an Ethereum alternative for anyone who doesn't want to support the 'official' version - Ethereum Classic. It's already accomplished the hardest part - establishing itself among the small list of coins traders can trust to retain value, and can be found on every major exchange. 

There just isn't a good reason for another alternative - maybe the Ethereum brand is big enough where it finds support even if it isn't necessary. But even forks of Bitcoin that every Bitcoin holder received for free met a quick death, because people didn't believe they needed to survive. 

How to make sure you'll be able to access your ETHPoW as soon as it becomes available...Typically the day forked coins go live, is the day they have the highest value, so if you're aiming to be among the first to trade yours, you'll want to transfer any Ethereum you own off of any exchanges and on to a wallet like Metamask, where you hold the private keys.  

Once it launches, you'll be credited an equal 1:1 amount of ETHPoW for any Ethereum you own, and will be able to access it in the same wallet that holds your regular Ethereum. You'll need to switch networks (blockchains) and we'll make sure to post the settings you'll need as soon as that becomes known. 

If your Ethereum is on an exchange they will need to take several additional steps to distribute each users portion, this is because they store multiple users coins together. In the past, some exchange users waited weeks or even months longer than those holding crypto in their own private wallets. 

Do you think ETHPoW has long term potential, or think odds are against it? Tweet us your thoughts @TheCryptoPress


-----------
Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News

Subscribe to GCP in a reader

Sep 14, 2022 09:05

The FREE Coin All Ethereum Holders Get Once Ethereum 2.0 Goes Live...

So it's confirmed - A group of developers are working behind the scenes with Ethereum miners to hard fork the Ethereum blockchain after next week’s merge. This means there will still be a version of the network running on the current Proof-of-Work (PoW) consensus mechanism while the 'official' Ethereum 2.0 blockchain transitions to Proof-of-Stake (PoS).

With that comes a separate and completely independent Ethereum token, currently being called 'ETHPoW' but the coin's official name is still undecided. 

All Ethereum holders will receive ETHPoW automatically, an amount equal to the regular Ethereum you hold...

Major exchanges Binance, MEXC Global, Gate.io, and FTX have already agreed to list and support trading of the forked token. Poloniex is even a step ahead of the rest, and has already listed a placeholder token that will be swapped for the real thing once it's live.

Coinbase and Kraken both say they're open to supporting it, but haven't yet made a full commitment, likely waiting to see if the coin will have any demand or value.

ETHPoW will join the two existing Ethereum tokens - the 'official' Ethereum (ETH) and Etherum Classic (ETC)...

The upcoming 2.0 fork won't be Ethereum's first, the previous fork ended with two coins and two versions of Ethereum - Ethereum and Ethereum Classic. 

To summarize what happened then - in 2016, hackers exploited a security hole in a project called 'The DAO' allowing them to steal about $50 million worth of ETH. A solution was proposed to re-launch Ethereum with the history of the hacked coins completely erased, like it never happened.

How they went about doing this caused a lot of controversy, it was all decided when the proposal was put to a short notice on-chain vote. Only 5.5% of potential voters participated, but since the majority of them voted 'yes', the fork happened.

Those in the Ethereum community who disagreed with the decision simply ignored the change and continued to participate on the original Ethereum network, which became known as Ethereum Classic. 

While Ethereum Classic is considered one of the most successful forked tokens, ETHPoW's Success is far from a 'sure thing'..

When Ethereum Classic started, its support, in large part, came from the controversy that created it.

Some in the community strongly disagreed with the idea of editing the 'true' history of the Ethereum blockchain, and Ethereum Classic kept that intact. Others disagreed with how the decision to fork the coin was made, saying they would support any decision that had over 50% of potential voters backing it, but the fork went ahead without even coming close.  

Ethereum Classic succeeded, and is still active today, because the people behind it truly believed in it.

But when it comes to Ethereum 2.0 - it isn't controversial, it doesn't violate the beliefs of a large portion of the community.  

The only segment of the community united against 2.0 are miners, because once Ethereum has fully moved to the 2.0 Proof-of-Stake consensus mechanism, miners are no longer needed to verify transactions. Their motivation to continue supporting the old version of Ethereum is entirely profit-based. These are the same miners who loved it when we couldn't send $1 on the Ethereum blockchain without paying a $75 fee.

That just doesn't sound like the beginning of a token that will have long term success.

Take a look at the two most successful forks in crypto's history - Ethereum Classic and Bitcoin Cash. All others have faded away, while these two remain in the top 50 because they're backed by a community of supporters who believe their existence is important. You can find their supporters making passionate arguments on where they think the 'official' version of the coin went wrong, and why these alternatives make things right.

This is why dumping ETHPoW as soon as possible may end up being the smartest move... 

There already is an Ethereum alternative for anyone who doesn't want to support the 'official' version - Ethereum Classic. It's already accomplished the hardest part - establishing itself among the small list of coins traders can trust to retain value, and can be found on every major exchange. 

There just isn't a good reason for another alternative - maybe the Ethereum brand is big enough where it finds support even if it isn't necessary. But even forks of Bitcoin that every Bitcoin holder received for free met a quick death, because people didn't believe they needed to survive. 

How to make sure you'll be able to access your ETHPoW as soon as it becomes available...Typically the day forked coins go live, is the day they have the highest value, so if you're aiming to be among the first to trade yours, you'll want to transfer any Ethereum you own off of any exchanges and on to a wallet like Metamask, where you hold the private keys.  

Once it launches, you'll be credited an equal 1:1 amount of ETHPoW for any Ethereum you own, and will be able to access it in the same wallet that holds your regular Ethereum. You'll need to switch networks (blockchains) and we'll make sure to post the settings you'll need as soon as that becomes known. 

If your Ethereum is on an exchange they will need to take several additional steps to distribute each users portion, this is because they store multiple users coins together. In the past, some exchange users waited weeks or even months longer than those holding crypto in their own private wallets. 

Do you think ETHPoW has long term potential, or think odds are against it? Tweet us your thoughts @TheCryptoPress


-----------
Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News

Subscribe to GCP in a reader

Aug 13, 2022 12:05

New Findings Shows Institutional Investors Take More Interest In Ethereum

As the launching of the long-awaited Ethereum upgrade, Merge, approaches, there’s a spike in institutional investment. Ethereum products are receiving more attention from big-shot investors. Though there is no stated period for the Merge, most developers anticipate the upgrade by September 19. However, most Ethereum derivatives are getting more investment deals as the final phase details are revealed. James Butterfill, the Head of Research of CoinShares, stated that investors’ sentiment for Ethereum products is changing. Butterfill made this known in the latest edition of Digital Asset Fund Flows Weekly Report. He noted that the sudden intensity and desire from the investors is due to the Merge approach. According to the report, most institutional investors make preferential investments in Ethereum products. Hence they are pushing in more funds as they believe in the great possibility of the Ethereum network. To them, upgrading the global second largest cryptocurrency would create a more positive and profitable impact. Due to the change in sentiment, the report noted that Ethereum had seen more inflows amounting to about $16 million. This resulted in a seven-week pattern of inflows that accumulated up to $159 million. Related Reading: SOL Makes Another Shot At $44, After Two Failed Attempts This Week So, Butterfill reports that the change in the investors’ sentiment signifies more clarity with the Merge’s timing. This would create the desired transition for the Ethereum network as it moves from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Ethereum blockchain has been operating with a PoW consensus mechanism for its transaction validation and security of its network. Unfortunately, this involves using the mining process that consumes more energy or electricity. But the Merge would transform the system of operation for the blockchain. First, it would start using the more energy-efficient staking process that requires the staking of ETH tokens. Plan For Ethereum Merge Has Been A Tough One The plan for the shift has been delayed for several months. But as the date for the launch approaches, Ethereum proponents are having their fun-filled season. The journey has taken several rough routes that include changes in roadmaps, ambiguous terminology, and, lastly, the recent opposition to the Merge. On the part of its founder, Vitalik Buterin, he kept announcing all the possible hard forks to the transition. This action is an excellent advantage for any PoW blockchain that may opt for a change in the future. However, some prominent personalities in the industry don’t mind a hard fork. For example, Justin Sun, the founder of Tron, pledged the listing of both ETHs and ETHw tokens on his Poloniex exchange. Also, BitMEX revealed its support for any ETHPoW fork. Once it finally happens, it will link the Ethereum mainnet and the Ethereum 2.0 Beacon Chain for a complete transition to PoS. Hence, Ethereum 2.0 would receive increased efficiency and security in its execution of transactions.’ Related Reading: Cardano Tests $0.51 Support – Can ADA Reach Safe Zone And Hit $0.67? Also, there would be a drastic reduction of carbon emission into the environment by over 99% as the network become energy efficient. This was one of the main criticisms against Ethereum as a PoW network. Featured image from Pixabay, Chart from TradingView.com

Aug 09, 2022 04:40

What the fork? Ethereum's potential forked ETHW token is trading under $100

A non-difficulty bomb ETHW chain could grab 2%–10% of Ethereum's market capitalization, crypto hedge fund manager says.