Miguel Lopez The core team behind Ethereum Proof of Work (ETHW) has disbanded in a move aimed at granting the protocol complete independence. Previously, in November, the ETHW team had sought financial assistance, requesting $200,000 to keep servers operational and to hire part-time engineers. The approach taken by the ETHW Core team in their development strategy has faced criticism.
Maintaining Proof of Work as the Consensus Mechanism
On December 18, the ETHW core development group, responsible for the Ethereum Proof of Work protocol, was officially disbanded. This step, according to a statement from a member of the ETHW core team, was taken following thorough deliberations and a majority agreement. It was intended to allow ETHW to function autonomously, without reliance on the Core team’s support.
The rationale for the dissolution, as explained by the ETHW core team, was to stay true to their commitment made during the Ethereum blockchain fork in September 2022. Alongside this dissolution, the team affirmed their determination to maintain proof of work as the foundational consensus mechanism for the chain, with a vision for its long-term sustenance.
“For the interim, the existing servers will be handed over to Onedao for temporary management until we find enduring ecological partners,” added the core team.
Post-The Merge, the ETHW team had advocated for transforming the protocol into a decentralized autonomous organization (DAO) that encompasses various functions. Despite this and other initiatives aimed at enhancement, the protocol faced difficulties in securing funds necessary for server maintenance.
_xD83D__xDE80_ Requesting $200k for EthereumPoW (2024) operational finances. Support needed for ETHW Core servers and hiring 1.5 part-time engineers. Your backing ensures our stability!
_xD83C__xDF10_ #ETHW #CryptoCommunity #ethereumPoW @awsbclub_cn
— EthereumPoW (ETHW) Official (@EthereumPoW) December 1, 2023
On November 30, the ETHW team appealed for $200,000 to fund server maintenance and part-time engineering staff. At that time, the core’s multi-signature wallet balance had reduced to a mere 10.75 ETHW, equivalent to $29.58. This plea was met with skepticism from Chad Edwards, formerly associated with Twitter.
Edwards expressed his disagreement with their development strategy: “We, as NFT Beatles enthusiasts, have strived to promote Beatles and the ETHW system to a broader audience. What were your efforts when ETHW’s value dropped from $15 to $1? Now, after only two tweets in the past six months, you suddenly request $200,000,” he questioned.
However, another individual, referred to as X, suggested at that time that a well-defined development plan from the ETHW core team might garner support.
We welcome your thoughts on this development. Share your opinions in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about ETHW Core Team Dissolution
Why was the ETHW Core Team Dissolved?
The dissolution of the ETHW Core Team was part of a strategic decision to allow the Ethereum Proof of Work (ETHW) protocol to achieve full autonomy. This decision was made after in-depth discussions and was based on a majority consensus within the team.
What Led to the ETHW Core Team Requesting Funding?
In late November, the ETHW Core Team requested $200,000 in funding due to financial challenges. This funding was intended to maintain their servers and recruit part-time engineers, essential for the ongoing operation and development of the ETHW protocol.
What is the ETHW Core Team’s Stance on Proof of Work (PoW)?
Despite the dissolution, the ETHW Core Team remains committed to maintaining Proof of Work as the underlying consensus mechanism for the chain. This commitment aligns with their original vision since forking from the Ethereum blockchain in September 2022.
What Will Happen to the ETHW Servers Post-Dissolution?
The existing ETHW servers will be temporarily transferred to Onedao. This is a transitional measure until long-term ecological partners are identified to take over the maintenance and support of these servers.
What Was the Reaction to the ETHW Core Team’s Funding Plea?
The funding plea by the ETHW Core Team was met with skepticism and criticism from some community members. Chad Edwards, a notable figure formerly associated with Twitter, openly disagreed with the team’s approach to development and their sudden request for a substantial amount of funding.
More about ETHW Core Team Dissolution
- Ethereum Proof of Work (ETHW) Official Website
- The Merge: Understanding Ethereum’s Transition
- Proof of Work (PoW) Consensus Mechanisms Explained
- Onedao: A Transition Partner for ETHW
- Cryptocurrency Funding and Blockchain Development Challenges
- Decentralized Autonomous Organizations (DAOs) in Blockchain Tech
- EthereumPoW (ETHW) Official Twitter Account
- The Role of Part-Time Engineers in Cryptocurrency Projects
- Blockchain Forks: Impact and Outcomes
- Understanding Ethereum and Its Forks: A Comprehensive Guide
6 comments
Dissolving the core team might actually be good? gives the community more control, might see some interesting developments
its a tough world in crypto, gotta have a solid plan or else you’re just another failed project. RIP ETHW core team
kinda sad, was hoping they’d find a way to keep going. wonder what this means for the NFT space on ETHW
They should’ve planned better for funding, can’t run a blockchain without proper resources. this was bound to happen…
wow, ETHW team really threw in the towel huh? not surprised with the funding issues they had. still sad to see
honestly, wasn’t expecting them to last this long… proof of work is so 2017 anyway