Silicon Valley, CA, Oct. 10, 2022 (GLOBE NEWSWIRE) — Following Ethereum’s recent transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS), participants in the blockchain’s vast ecosystem faced a choice: support it new consensus model or find another network. Now, according to a new business called EthereumFair, a third option is on the table.
EthereumFair (ETHF) is a brand new fork of the anonymous blockchain that preserves Proof-of-Work, a model it claims is the only one capable of delivering reliable stability, security and decentralization. The project, which has gathered thousands of followers since Ethereum switched to PoS on September 15, represents a welcome alternative for miners and projects that value the inherent benefits of Proof-of-Work.
“The recent Ethereum merger is not a simple competition for computing power, but a controlled redistribution of the benefits of this multi-billion dollar ecosystem,” asserts EthereumFair’s Satoshi Song. “The elimination and migration of miners and computing power, and the emergence of the staking ecosystem, undoubtedly violates the original vision of the blockchain – that of complete decentralization. EthereumFair will remain true to this original vision and remain dedicated to the network’s ongoing security and expansion.”
Created by the Silicon Valley-based ETHF DAO, EthereumFair retains the PoW consensus mechanism while continuing the Ethereum code from the moment the network split on September 15. According to the DAO, which has technology company executives, engineers, researchers and volunteers, everyone can participate in securing the new chain – much like they did before the transition to Proof-of-Stake.
With its team consolidating technical advantages, optimizing the mining model and minimizing the ETHF mining difficulty coefficient, EthereumFair is designed to support the countless developers, DeFi projects, NFT contracts and active nodes in the Ethereum landscape. The new fork has 400T of computing power on Ethereum for the first time, and since its launch has rapidly captured hash rate and fiat value.
During its short life, members of the ETHF DAO have met Ethereum communities and institutions while providing tens of millions of dollars in ETHF to support miners, exchanges, ecosystems and contributors dedicated to Proof-of-Work. The project has also established dozens of communities across different global regions, including China, Germany, Spain, Vietnam and the Middle East.
“In the medium term, we are focused on improving our ecosystem through wallets, DEXs, oracles and other infrastructure projects,” explains Satoshi Song. “Established names such as Metamask, OneKey, Huobi, Bitmart, Gate, Uniswap and F2pool will be the first builders of the ETHF ecosystem. We are also excited to launch our ecological incentive plan which will fund ecological projects and provide extensive financial and technical support to high-quality investments.”
Among other goals, EthereumFair plans to support other Layer-2 projects that help fulfill the potential of Web3 and help expand the current NFT ecosystem that will eventually be a large part of Web3.
About EthereumFair
EthereumFair (ETHF) is a fork of the Ethereum blockchain that allows individuals to freely participate in a Proof-of-Work ecosystem. Launched after Ethereum’s September 2022 merger into a Proof-of-Stake consensus mechanism, the ETHF supports developers, DeFi projects and other parties committed to the stable and decentralized system of the original Ethereum network.
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