Dogecoin News: EthereumFair (ETHF), a recent fork of the Ethereum blockchain operating under the Proof-of-Work consensus, claimed it will set up a DAO to fork Dogecoin and change its algorithm. This will be the spearhead to bring the coveted graphics card mining feature to the dog themed memecoin and even be EVM compatible.
ETHF Plans on Dogecoin Fork
EthereumFair, developed by a decentralized autonomous organization (DAO) based in Silicon Valley, maintains the Proof-of-Work (PoW) consensus mechanism while continuing the Ethereum code from when the network split on September 15. According to the latest announcement from ETHF, a new DAO organization will be established where technology, communities, project parties, exchanges, miners and capital will be welcomed for active participation in the new fork proposal.
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Touting it as a global move and a major liquidity realignment, the rationale behind the fork comes as a promise to preserve the PoW mechanism for the altcoin until the end of time. Additionally, adding a graphics card mining facility has been an age-long request from the Dogecoin (DOGE) community, and the said fork would work to make it a reality. Moreover since the viral cryptocurrency is compatible with EVM, it motivates the miners to use their computing power for the memecoin. It is also expected to reduce the day by day growing contradiction between a large number of retail and centralized investors.
Dogecoin fork details
The upcoming split will keep the 1:1 ledger, but there will be some detailed changes from the Bitcoin series algorithm to the Ethereum series algorithm, as stated in the official Editionwhich will take place shortly.
“Dear community #Ethfairs #Dogecoin,
We are pleased to announce a fork of the #Dogecoin block chain. The main reasons for the fork are as follows:
— EthereumFair($ETHF) #PeoplePOW (@EthereumFair) February 4, 2023
Currently, the team behind the EthereumFair project is working to consolidate technical advantages, optimize the mining model, and reduce the ETHF mining difficulty coefficient to support the myriad of developers, DeFi projects, NFT contracts, and active nodes that support it. Populate Ethereum landscape. Since its inception, the new fork has reportedly accumulated significant hash rate and currency value, in addition to having 400T of computing power on Ethereum for the first time.
Within minutes of the release of this particular Dogecoin news, the price of Dogecoin (DOGE) surged to $0.094 at time of compilation. And according to the crypto market tracker published by CoinGape, this results in a 2.12% growth over the past 24 hours, as opposed to a 6.28% jump over the past seven days.
Also Read: What If Elon Musk Made Dogecoin (DOGE) The Official Twitter Currency?
Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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