Following Ethereum’s recent transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS), participants in the blockchain’s vast ecosystem faced a choice: support the new consensus model or find another network. Now, according to a new venture named EthereumFair, a third option is on the table.
EthereumFair (ETHF) is a brand-new fork of the eponymous blockchain that preserves Proof-of-Work, a model that it claims is the only one capable of delivering reliable stability, security and decentralization. The project, which has gathered thousands of followers since Ethereum switched to PoS on September 15, represents a welcome alternative for miners and projects who value the intrinsic benefits of Proof-of-Work.
“The recent Ethereum merge is not a simple competition for computing power, but a controlled redistribution of the benefits of this multi-billion dollar ecosystem,” contends EthereumFair’s Satoshi Song. “The elimination and migration of miners and computing power, and the rise of the staking ecosystem, are undoubtedly violating the original vision for the blockchain – that of complete decentralization. EthereumFair will stay true to this original vision and remain devoted to the network’s ongoing security and expansion.”
Created by the Silicon Valley-based ETHF DAO, EthereumFair retains the PoW consensus mechanism while continuing the Ethereum code from the moment the network forked on September 15. According to the DAO, which features technology company executives, engineers, scientists and volunteers, anyone can participate in securing the new chain – much as they did prior to the transition to Proof-of-Stake.
With its team consolidating technical advantages, optimizing the mining model, and minimizing the ETHF mining difficulty coefficient, EthereumFair is designed to support the countless developers, DeFi projects, NFT contracts, and active nodes in the Ethereum landscape. The new fork carries 400T computing power on Ethereum for the first time, and since launching has quickly captured hashrate and fiat value.
During its brief lifespan, members of the ETHF DAO have met with Ethereum communities and institutions while supplying tens of millions of dollars in ETHF to support miners, exchanges, ecosystems, and contributors dedicated to Proof-of-Work. The project has also established dozens of communities across different global regions, including China, Germany, Spain, Vietnam, and the Middle East.
“In the medium term we are focused on enhancing our ecosystem through wallets, DEXs, oracles and other infrastructure projects,” explains Satoshi Song. “Established names such as Metamask, OneKey, Huobi, Bitmart, Gate, Uniswap and F2pool will become the first builders of the ETHF ecosystem. We are also thrilled to launch our grant ecological incentive plan which will fund ecological projects and provide comprehensive financial and technical support for high-quality ventures.”
Among other objectives, EthereumFair plans to support other Layer-2 projects that help fulfil the potential of Web3 and help expand the current NFT ecosystem which will ultimately be a major part of Web3.
EthereumFair (ETHF) is a fork of the Ethereum blockchain that allows individuals to freely participate in a Proof-of-Work ecosystem. Launched following Ethereum’s September 2022 merge to a Proof-of-Stake consensus mechanism, ETHF supports developers, DeFi projects and other parties committed to the stable and decentralized system of the original Ethereum network.