EthereumPoW dissolves core team, embraces full autonomy

EthereumPoW will disband its core development team to achieve full autonomy for the network.

The announcement today reflects the EthereumPoW (ETHW) community’s desire for a decentralized governance structure. Following the dissolution, ETHW will become a fully autonomous public chain. This move also aligns with their commitment to uphold proof-of-work (PoW) as the underlying consensus mechanism for the chain, ensuring its stability and longevity.

During this transition period, OneDao, a decentralized protocol on the Harmony network, will temporarily take over the maintenance of the existing EthereumPoW servers. This is a temporary solution until long-term ecological partners are identified who align with ETHW’s vision of a decentralized ecosystem.

The EthereumPoW blockchain was created following the Ethereum network’s shift from PoW to a proof-of-stake (PoS) consensus mechanism in September 2022. Despite challenges, including limited support from major entities like Grayscale Investments, EthereumPoW has continued its operations. The ETHW token reached a high of $58.54 in September 2022 and has since fallen in value.