The ETHW team announced the dissolution of the organization

The ETHW team announced the dissolution of the organization

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by Max Nevskyi

3 years ago

In a recent update on the official blog of the cryptocurrency project EthereumPoW (ETHW), the developers shared insights into their work. They noted that throughout the year, they diligently worked on fulfilling commitments made following the initial fork.

The EthereumPoW (ETHW) team conducted research and confirmed that ETHW can operate independently of the Core Team. This aligns with the original technical and operational conditions set for ETHW. After thorough discussions and reaching a consensus, the Core team decided to dissolve the main organization, believing it was time to fulfill these promises.

As a result, Core representatives announced the cessation of their joint work. Key decisions include the dissolution of the EthereumPoW (ETHW) core developer team to achieve full autonomy, maintaining the PoW algorithm as the primary mechanism for the blockchain in the long term, and transitioning to fully decentralized management. This will allow the network to develop without external pressure.

It was also noted that the current servers will be temporarily transferred to One Day company until long-term partners are determined.

Following this announcement on December 19, 2023, the value of ETHW significantly dropped. Within a few hours, the price fell by 8.7%, setting the coin's price at $2.59, with a total market capitalization of $279.1 million.

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