After The Merge: The Future of ETHW and ETHS

After The Merge: The Future of ETHW and ETHS

After the success of The Merge on September 15, Ethereum had a decline but overall this is a historic event of the cryptocurrency market.

Prior to that, The Merge event will see Ethereum drop the PoW consensus mechanism and move the entire DeFi array to a new home with PoS consensus. However, at present, PoW still exists because after this event, it also spawned an Ethereum PoW (ETHW) fork with the reason that it is supported by miners. This spawned two new forks of tokens, ETHW and ETHS.

What are ETHW and ETHS?

- ETHS (ETH2 or Ethereum PoS) is a token representing the Proof-of-Stake chain of Ethereum after The Merge event.

- ETHW?(ETH1, or Ethereum PoW) is a token representing Ethereum's Proof-of-Work chain that is likely to continue to exist and be mined after The Merge.

Controversies about ETHW and ETHS

PoW advocates in general and ETHW in particular strongly agree with keeping ETHW, as they still want the ETH chain to retain its inherent security and decentralization power. They believe that Ethereum's transition from PoW to PoS will rob miners of profits for more than 7 years.

It can be said that PoS is causing many disadvantages for those who make money by mining ETH. That is also the reason that PoW still exists until now. The proposal to accept ETHW received support and support from quite famous exchanges such as MEXC, Poloniex and Gate.io, even Justin Sun also supported PoW.

Up to now, these exchanges have all supported Swap ETHW and ETHS. However, there are also many famous figures who oppose PoW or ETHW, most notably the Ethereum team led by Vitalik Buterin. Accordingly, Vitalik Buterin has referred to those promoting the Ethereum PoW Hard Fork as “Reachers”.

Chainlink has also declared allegiance to Ethereum PoS and refused to support Ethereum PoW, stating bluntly: “Users should note that fork versions of the Ethereum blockchain, including PoW fork, will not supported by the Chainlink protocol.”

Reasons

The backlash of the big guys is understandable, because Ethereum's position of strength is largely not in technology or technical design, but Ethereum's strength and position can be converted by the economic strength of this blockchain.

The implementation of the hard fork will most likely cause an economic fragmentation on Ethereum and cause the blockchain to lose its current position. It is clear that the Ethereum team and major partners like Chainlink do not want this to happen.

Future of ETHW and ETHS

ETHW is still likely to last for a long time because of the advantages it possesses with a large number of miners, many supportive exchanges, and many DeFi projects that are still interested. Despite the outrageous objections of Vitalik Buterin and many other big projects.

However, the difficulties encountered by ETHW are not few, the future of ETHW is not too optimistic. Because obviously, with a community that only works hard to "take profits", the project team will have to put in a lot of effort to build a strong user base. And vice versa, if the core team still does not have a development plan, Ethereum PoW will gradually become a coin that only exists on the price chart, has a trading volume, but in reality, not many people use it.

In contrast to ETHW, ETHS is showing more potential. As a late child, but with the favor from the development team, it is clear that ETHS is having a better launch pad. But in the context that ETHW is still gaining a larger number of users, it will definitely take some time for ETHS to really reach its potential.

And you, which mechanism are you supporting? And what do you think about ETHW as well as ETHS? Let us know your thoughts.

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