Following the Ethereum Merge on September 15, Ethereum's rival, who advocates the proof-of-work consensus mechanism, launched ETHPoW on its mainnet.
The EthereumPoW network is a fork of the Ethereum network. In simple terms, a fork changes the functionality of the blockchain network drastically. EthereumPoW is born because a small but vocal group of the crypto community believes that the network should stick to the proof-of-work consensus mechanism. Many of these are miners, who wish to hold onto their revenue as Ethereum has switched to the proof-of-stake mechanism on September 15. In recent months, prominent crypto miner Chandler Guo and others have campaigned for ETHW, claiming Ethereum 2.0 will drive crypto miners out of work.
The native token for the EthereumPoW network is ETHW, though this is only supported by some exchanges. Individuals can trade on these exchanges, with the token available for spot trading on exchanges like FTX, ByBit, and BitMart.
The EthereumPoW team released an update to accompany the mainnet launch, informing readers of some changes and fixes.Since the launch, there have been over 1.7 billion transactions. The total number of addresses holding ETHW now stands at over 254 million.
In the short time since the launch of the EthereumPoW network, several projects have begun supporting the ecosystem.These include many decentralized wallets, decentralized exchanges, and other Web3 platforms. A few examples are Uniswap V3, MetaMask, and DefiEdge.
Mining pools, which have switched to other networks following Ethereum's transition to a proof-of-stake, have also begun mining ETHW. F2pool and others have begun diverting resources to the token, with the mining pool making up 41.7% of the known hash rate.
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