The last few months have been big for Ethereum, the second biggest blockchain after Bitcoin. EthereumPoW is an Ethereum-based blockchain that hopes to fill the gap left by Ethereum. Many refer to it as an Ethereum clone that continues to exist as a proof-of-work platform.
Ethereum Proof-of-Work
EthereumPoW was first introduced in the spring of 2018 to improve the security of the Ethereum blockchain by making it harder for bad actors to participate in mining. The idea behind EthereumPoW is similar to Bitcoin’s Proof-of-Work (PoW) system. Yet, instead of using a fixed amount of time (like Bitcoin), Ethereum uses a variable amount of time—called an epoch—to determine how much work needs to be done by miners before they can start hashing again.
Proof-of-work is a synchronization mechanism that allows the Ethereum network to come to a consensus on things like account balances and the order of transactions. It prevents users from double spending their coins and also protects the chain from attack and manipulation. The main objective of proof-of-work is to extend the chain. PoW has allowed nodes of the Ethereum network to agree on the state of all information recorded on the Ethereum blockchain and prevented certain kinds of economic attacks. The longest chain is considered to be the most valid since it has the most computational work done to generate it. The best part about PoW is that it is a tried and tested consensus mechanism that has kept Bitcoin and Ethereum secure and decentralized for many years.
However, Ethereum recently switched from PoW and started using proof-of-stake instead. This was a process that combined the PoW platform with the Beacon chain. Most developers welcomed the shift but some still believe that PoW is a better platform in terms of security. This explains why PoW cryptocurrencies like Ethereum classic have been doing well in the last couple of weeks.
The ETHPoW holders believe that the coin and its ecosystem will avoid regulatory issues that the new Ethereum will face. The members voted to completely respect the current ETHW ledger; and committed not to introduce any regulatory or centralized technology. Therefore, there is a high likelihood that ETHW will attempt to rebound as buyers attempt to retest the next key resistance.
Ethereum Pow Price Prediction
One common question that has been floating around for the last couple of weeks is whether ETHPoW is a good investment. The future is difficult to predict, of course. This is especially true for the ETHW coin, as there are many factors affecting its value. The EPoW price crashed to an all-time low as investors reacted to the successful Ethereum merge. It fell by almost 80% from its all-time high.
Subsequently, the ETHW price has maintained an overall bearish trend. EthereumPoW price prediction is optimistic, and while we are hopeful that as an investment it will pay off, you should conduct your research before purchasing any crypto assets. It is, therefore, vital to note that the coin remains in price discovery mode. Its movement is uncertain, and it is too early to determine whether it will be successful or not.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
