Marking a turning point for the Ethereum platform, the merge may have ushered in a new set of consequences for the new PoS system.
One day post merge saw the DeFi community settle into an anticlimactic transition for the Ethereum network, which entailed a switch of Proof of Work consensus to the much more desired Proof of Stake consensus model. The proof of work mining communities for Ethereum: Ethereum and Ethereum Classic has shown to act quite differently post merge as well.
EthereumPOW debuted on twitter with multiple twitter posts reporting issues with access to the network. A result of a hack, the issues have since been resolved. OKX, A major crypto exchange, began providing on-chain data for EthereumPOW. With a seemingly stable transaction activity, EthereumPoW has been experiencing a steady decay of value since its launch, beginning at $137 at its highest, down to $5.87 at the time of writing.
Without a clear roadmap for the trajectory of EthereumPoW, it seems that the project has been delegated as a meme, especially when looking at its 10 page white paper including 5 pages purely dedicated to the title of the platform, and another 5 pages containing absolutely nothing. The GitHub repository displays only 16 contributions since August, 2022, accompanied by no further information on the EthereumPoW official documents.
The Ethereum Classic may see an update in its struggle since its debut, as the community has displayed more interest in the six-year project. Originating in 2-16 with the goal of providing a solution to the DAO hack, it was the sign of a stark division in the Ethereum community.
The DAO or decentralized autonomous organization was designed to address the hack and help investors get back on their feet. Agreeing to roll back the network history, those who disagreed with the old fork continuation called the new platform, Ethereum Claasic.
Ethereum Classic is just an open-source blockchain running smart contracts with its own dedicated cryptocurrency.
This preference in the community transcends the valuation of the coin, but the practicality that it entails. Sebastian Nill, ETC miner and COO of AETERNAM says the the PoW consensus is more attractive the the mining community:
“The solana blockchain has garnered an increased amount of daily transactions totalling out to more than 40 million, exponentially outperforming Ethereum’s comparatively smaller 1 million daily transactions in April and June, 2022.”
“Ethereum Classic is going to be just as effective as Ethereum was for miners. In the end, the community is going to pick ETC, not because of its rentability but for effectiveness for data processing.”