EthereumFair wants to fork Dogecoin to ensure it remains a PoW network forever. EthereumFair’s fair performance has declined since the blockchain went live.
EthereumFair, the first fork of the Ethereum blockchain in response to the move to the Proof-of-Stake consensus mechanism, has announced plans to create a DAO and split the Dogecoin network.
Today we discussed the dogecoin fork with the #dogecoin community. The #ETHF tech community will help #Dogecoin fork.
— EthereumFair($ETHF) #PeoplePOW (@EthereumFair) February 4, 2023
EthereumFair is a blockchain that claims to preserve the original design of the Ethereum blockchain. Founded in 2020, it gained attention in the crypto space after the Ethereum blockchain completed its move to the PoS consensus algorithm.
The move was a result of Ethereum’s plan to upgrade to Ethereum 2.0, which aimed to solve the scalability problem of the Ethereum blockchain.
However, the decision to switch was not well received by miners who have committed to protecting the Ethereum blockchain through Proof-of-Work (PoW) consensus.
As a result, a split faction of miners, including the EthereumFair developers, decided to split the Ethereum blockchain and keep the PoW consensus system.
According to EthereumFair, the main reason behind the proposed Dogecoin network fork is to ensure that the PoW consensus mechanism that the meme coin network is currently using does not change. In this regard, EthereumFair tweeted:
“Why there is a dogecoin fork, one of them is to keep the prisoner of war forever, and the consensus will not be changed in the future due to special reasons,”
Why is there one #dogecoin fork, one is to keep the prisoner of war forever, and the consensus will not be changed in the future due to special reasons;
— EthereumFair($ETHF) #PeoplePOW (@EthereumFair) February 4, 2023
Another reason for the fork is to separate the Dogecoin mining algorithm from Wright and allow Ethereum graphics card mining machines to participate, creating a larger consensus group.
In addition, EthereumFair advocates compatibility with the Ethereum Virtual Machine (EVM) as this is an industry trend.
It added that the intended fork is expected to address the growing contradiction between a large number of retail investors and centralized investors in Dogecoin.
Despite the fork, the Dogecoin ledger will remain 1:1, but some adjustments will be made to the algorithm, moving from the Bitcoin series to the Ethereum series, EthereumFair noted.
Ethereum Forks – A Story Of Failure?
EthereumFair was not the only offshoot network to emerge from the migration of the Ethereum network to the PoS consensus algorithm. When the merger was completed on September 15, 2022, the EthereumPOW [ETHW] network also went live.
Although EthereumFair has been around since 2020, it launched its PoW blockchain a few days after the merger was declared a success.
Both networks also released their own coins on their respective blockchain launches. However, the prices of these crypto assets have dropped sharply since then. According to CoinMarketCap data, the price of ETHF has dropped 98% since then.
Source: CoinMarketCap
Likewise, the value of ETHW has since dropped by 96%.
In terms of mining on both networks, data from Poolbay Mining revealed that the mining hash rate on the ETHF network was down 81.52% from the high of 8.97 TH/s recorded on September 29, 2022, after the network went live.
Source: Poolbay Mining
ETHW isn’t much better. According to data from 2Miners.com, the network’s hashrate was at its lowest position since launch.
Source: 2Miners.com
It should be noted that Proof-of-Work (PoW) networks rely on a high hashrate for security, fast block times, and miner incentives.
A low hash rate can negatively affect these key elements of the network. A low hash rate means that the network is less secure, making it easier for malicious parties.
This post Ethereumfair embarks on a crusade to save the PoW consensus, here’s how
was published first on https://ambcrypto.com/ethereumfair-embarks-on-a-crusade-to-save-pow-consensus-heres-how/
