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ETC sees Ethereum hard fork as an opportunity, ETHPoW fights back, releases wallet and user interface development progress

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ETC sees Ethereum hard fork as an opportunity, ETHPoW fights back, releases wallet and user interface development progress

The possibility of Ethereum merge is increasing. Originally, one of the choices for stray miners was expected to be Ethereum Classic, but ETHPoW and ETHW emerged and took away the main market attention, with both sides starting to confront each other. In response to community doubts about the integrity of the ETHPoW ecosystem, they have also provided updates on wallet, client development progress.

ETC: Fulfilled All Commitments of ETHW

Ethereum Classic (ETC) described ETHW on Twitter as a hard fork driven by insiders, only created for printing money and dumping.

The non-profit organization ETC Cooperative's Executive Director, Bob Summerwill, also stated on Twitter that ETC has actually fulfilled all commitments of ETHW:

  1. No premine, no inflation.
  2. Maintaining the POW consensus mechanism.
  3. No EIP-1559.
  4. No idol-like leaders.
  5. Realizing complete autonomy within three years, without any centralized governance entity.

He quoted ETHW's open letter to the Ethereum community, questioning why ETHW is using The DAO hack incident as one of the reasons for the hard fork six years later. He emphasized that to truly achieve anti-inflation, a fixed monetary policy needs to be designed and implemented, which is exactly what ETC has been doing for the past five years.

Later, ETHW responded on Twitter, stating that ETC will continue to be a giant baby, while also addressing some of the community's concerns about ETHW.

ETHW Progress

1. Chain Language Versions

Starting with the Geth Ethereum official client update:

  • The difficulty bomb has been defused.
  • The chain ID has been updated.
  • Replay protection has been added.

2. Wallets and Exchanges

The community spontaneously formed a business team, with support from six exchanges for ETHW listing and contract trading. Several well-known wallet developers have also proactively contacted, expressing full support. It was mentioned:

Although Metamask has declared non-support for ETHW, from a technical standpoint, supporting a public chain is just adding an RPC interface. No merchant is willing to exclude two hundred million Ethereum wallet users. Those who understand the times are wise.

3. Lack of Useful Information on the Official Website

ETHW stated that the community has been established for less than half a month, with many more important matters to push forward, and they disdain updating the official website as a superficial project.

Regarding GitHub code updates, ETHW emphasized that the Ethereum code has been running stably for a long time, but necessary changes and updates will still be implemented and tested, to be completed by the end of August.

4. ETHW's Forked Assets Will Become Worthless

As previously reported in Ethereum fork chain aggregations, post-fork, ETHW's on-chain ERC20 assets, including stablecoins, DeFi, NFTs, and other assets, will significantly depreciate or become worthless.

ETHW pointed out that doing nothing will undoubtedly lead to short-term chaos. For example, through DEXs, lending platforms, many hackers and scientists will exploit LP pools and smart contracts for massive arbitrage, resulting in asset losses, mainly for ETHW users and institutions.

Therefore, the ETHW community is deeply discussing this matter, seeking more specific user asset protection measures, while also welcoming participation from all sectors, and stating that a fair and proper solution will be formulated within two weeks for users.