Ethereum PoW is a hard fork of the Ethereum network after a successful transition from PoW to PoS consensus mechanism. In other words, this is a branched version of the Ethereum blockchain, still retaining the previous features of this blockchain.
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What is Ethereum PoW?
Ethereum PoW is a hard fork of the Ethereum network that emerged after The Merge when the blockchain transitioned from the PoW consensus mechanism to PoS. This transition aimed to allow the Ethereum network to operate without the need for miners and complex machinery to validate blocks as before.
However, this transition was not supported by a portion of the miners. Instead, they decided to create a hard fork, which became Ethereum PoW. In short, this is a branched version that retains Ethereum’s original characteristics.
It’s important to clarify that Ethereum PoW and Ethereum PoS are two completely independent networks with different tokens. The token for the Ethereum PoS network is ETH, as we know, while the token for Ethereum PoW is ETHW.
How does Ethereum PoW work?
As previously mentioned, Ethereum PoW retains the original characteristics of Ethereum, which means that the PoW consensus mechanism is also preserved. Accordingly, this network requires miners to verify transactions and add new blocks to the network by solving complex mathematical equations.
When a miner successfully solves the equation, a new block containing validated transactions is added to the network. The miner who completes the transaction validation will receive a reward in ETHW along with the corresponding transaction fees.
This process ensures the security and consensus of the network by requiring all miners to compete for the right to create the next block and earn rewards. This mechanism is considered more decentralized for transaction verification, as it requires more computers to participate in confirming transactions compared to the PoS mechanism.
How is Ethereum PoW different from Ethereum?
The Merge event that we mentioned was also the time when the Ethereum network was divided into two versions: EthereumPoW and Ethereum using the PoS consensus algorithm. To help you better understand the differences between the two networks, here is a quick comparison table:
| Comparative characteristics | Ethereum | Ethereum PoW |
| Consensus Mechanism | Proof-of-Stake (PoS) | Proof-of-Work (PoW) |
| Transaction Validation Process | Validators stake ETH to validate blocks | Miners solve mathematical equations to validate blocks |
| Resource Requirements | Lower, does not require complex machinery | Higher, requires powerful computers and consumes a lot of energy |
| Security | Secured through competition among validators | Secured through competition among miners |
| Decentralization | Considered less decentralized | Considered more decentralized |
| Scalability | Better scalability due to reduced workload on the network | Less scalable due to high processing requirements and resource consumption |
| Token | ETH | ETHW |
What is ETHW?
ETHW is the native token of the Ethereum PoW network, distributed and used mainly for activities taking place on this platform.
Specifications
- Token Name: EthereumPoW
- Ticker: ETHW
- Blockchain: EthereumPoW
- Token Type: Utility
- Total Supply: 107.818.999 ETHW
- Circulating Supply: 107.818.999 ETHW
Distribution rate
After The Merge event took place, all ETHW was allocated to users who owned ETH in their wallets or on exchanges.
ETHW Use Cases
ETHW can be used for the following tasks:
- Pay gas fees for transactions on the network.
- Buy, sell and pay for services on the network.
- Reward miners for participating in network security and transaction validation.
How to own ETHW?
If you want to own ETHW, you can try the following two ways:
- Participate in mining ETHW to receive rewards.
- Receive ETHW airdrops from events.
In addition to the above methods, you can also own ETHW by buying it, the best crypto exchanges we can recommend for you are Binance, Huobi, FTX,…
Conclusion
Finally, we have come to the conclusion of all the exciting content related to the Ethereum PoW platform. Hope we have helped you understand more about this platform and see you again in more content from AZcoin.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
